EG Master Developments CEO Ramy Salib has revealed the completion of 20% of work on the Egypt-based property developer’s first residential compound in the New Administrative Capital (NAC), called “The City Valley,” after selling out 80% of the project’s units, Invest-Gate reports.
With investments worth EGP 4 bn, EG Master is implementing the 63-acre gated community in NAC’s R7 District, which will incorporate 57 villas and 51 residential buildings, Salib noted in a recent press release, confirming that The City Valley is scheduled for completion with three years.
The mixed-use development will also include a 15,000-square-meter shopping mall, named “Aventura,” featuring merely 287 commercial/retail properties. This comes in addition to an extensive social club, a variety of sports fields, and a fully-equipped health center, he further stated.
According to the CEO, EG Master is currently undertaking a 3,000-square-meter commercial project in NAC, with investments estimated at EGP 1 bn. Encompassing 72 units, Asgard Mall will be finalized within 18 months.
With the Egyptian real estate market showing signs of recovery from the novel Coronavirus pandemic, EG Master intends to expand with additional residential and tourism projects in 2021, Salib affirmed.