Housing and Development Real Estate Investment (HDRIC), one of Housing and Development Bank’s (HDB’s) companies, has pumped investments of EGP 700 mn in “Tala” project in 6th of October City, intending to deliver the residential compound by mid-2020, Invest-Gate reports.

HDRIC has implemented 30% of the project so far while marketing 25% of it, Sales Manager Mostafa Maher recently revealed in a statement.

Spanning across 30 acres with a building area of 24.5%, Tala compound comprises 690 half-finished units with sizes ranging between 125-250 square meters, in addition to a sports club.

The company is also developing another project in the first urban area in 6th of October City called “Eshraqa,” nearby El Bashaier project, and is owned by HDB. It comprises a building area of 24% and “the remaining of the area is green spaces, internal roads, and corridors’ buildings services,” according to Maher.

Fully implemented with investments of EGP 700 mn, Eshraqa consists of 896 housing units, an administrative building that encompasses 1,300 units, and a 2,000-square-meter commercial mall – of which 65% of it is already marketed, Maher added.

Meanwhile, HDRIC has recently bought the fifth phase of La Mirada El Mostakbal compound by Grand Plaza for Real Estate and Tourism Investment, which consists of 1,050 units. According to Maher, the company will solely develop and market that phase, noting that the land cost is roughly EGP 1 bn.

“The company’s extension plan includes investments in New Alamein and North Coast,” the sales manager concluded.