Wadi Degla Developments has begun construction of its Neopolis project, with investments worth EGP 13.3 billion ($1.5 billion), the company announced in a press statement according to Daily News Egypt.
The project will extend across 545 acres, and will be located in Future City (Mostakbal City) in New Cairo.
The company began carrying out the project after receiving a ministerial decree, and is expecting it to generate an average of EGP 33 billion in sales, translating to EGP 20 billion in revenues, wrote Amwal Al Ghad.
Neopolis is a residential compound that accommodates about 14,000 housing units with varied sizes in addition to commercial and entertainment services, green areas, and the Wadi Degla club. The project will be divided into four phases, the first of which is scheduled to be completed by 2020, and will focus on middle-income and upper middle-income classes, stated Wadi Degla Developments CEO, Maged Helmy.
Neopolis project was awarded the best real estate project under construction during 2015.