Alalmeya for Real Estate Investment and Development plans to develop a residential project on the Egypt-Suez Road in front of the New Administrative Capital, reported Al Borsa News.

The residential project’s investments amount to EGP 3.5 billion and will be built over three phases, on 300 acres of land, said Karam Hamouda, Chairperson of the company.

The project will include residential building with varying sized apartments, villas, and a sports club. The project, named Compound Alalmeya, is scheduled to be completed by year 2020, added Hamouda.

Half of the project’s financing will be provided through a bank and the remaining half will be self-financed.