Egypt’s property developer ERA Developments has allocated a total of EGP 700 mn worth of investments to its 6th of October City project, Astoria Park, Invest-Gate reports.

Magdy Aref, chairman of ERA Developments, told Invest-Gate on March 12 that the firm is nearly approaching the completion of the compound, which spans across a total area of 12 acres in west Cairo.

The integrated residential project comprises 340 residential units with spaces varying between 160 and 200 square meters for apartments, and 300 and 450 square meters for villas, while featuring a commercial zone with over 3,500 square meters.

Aref also revealed out that ERA plans to launch a new project in the New Administrative Capital (NAC), following the delivery of Astoria Park, and is currently conducting its investment feasibility study and deciding on the land area.

He added that one of the most important challenges facing any real estate developer during the current year is the stability of the buyers’ purchasing power, in light of the soaring property prices, explaining that mortgage finance is the most suitable way to bridge this gap.