Egypt-based ARDIC Real Estate Development and Investments is planning to launch the first phase of its residential project in New Minya, Minya Governorate, during the second half of this year, Invest-Gate reports.

The property developer is on the verge of obtaining a ministerial approval for the project, CEO of ARDIC Ashraf Dowidar said in an exclusive statement to Invest-Gate on February 11.

Earlier, ARDIC had already obtained a 310-acre land plot in New Minya to develop the integrated urban housing project, in which the company aims to make a pilot launch for the project to study the market in Upper Egypt, as well as, the customers’ preferences, Dowidar noted.

Being its first project in Upper Egypt, the New Minya project is aimed at diversifying ARDIC’s investment portfolio in terms of its projects’ locations, especially with the presence of a good purchasing power in Upper Egypt.

Meanwhile, he also revealed that ARDIC is in negotiations with El Mostakbal for Urban Development to obtain a new piece of land in Mostakbal City, east Cairo.

ARDIC already owns Zizinia El Mostakbal in Mostakbal City, which spans across 70 acres and offers a total of 1,800 units of various sizes. The project’s investments reached EGP 2.5 bn, with over EGP 1 bn already pumped into the project, ARDIC’s CEO indicated.