Ibn Sina for Hotels and Resorts will launch a real estate project worth of EGP 1.5 billion in 6th of October City in 2017, on 150 acres of land , reported Al Mal News.

The company is finalizing the procedures to receive the land plot earmarked for the project. It will then commence work on the designs for 5,000 units in diverse areas, according to Atef Ibrahim, Vice Chairman of Ibn Sina.

The company also plans to implement further projects after completing the first phase of the ongoing Cecilia Lagoons project located in Marsa Matrouh. The first phase of the residential project will be delivered at the end of 2017.

Cecilia Lagoons is built on 123 acres with a total costs of approximately EGP 400 million. The first phase of the project is expected to include 310 units and the second phase will include 410 finalized units.

Ibn Sina’s primary goal is to occupy a major role in the real estate sector to resolve the housing gap and demand on residential units.