El Batal Group for Housing and Development has revealed plans to launch the largest residential compound in Cairo’s Sheraton Heliopolis next November, Invest-Gate reports.

The announcement came during a media tour that the company organized at some of its distinguished projects, in the attendance of El Batal CEO Emad Doss, alongside several company officials and media personnel, to get them acquainted with the progress of construction works as well as on-ground achievements.

Comprising 400 housing units that range from 120 to 200 square meters, and inspired by British architecture, the yet-unnamed project has obtained the ministerial approval and necessary licenses for implementation, Doss said during the tour. He added that the development will be established over a course of 30 months.

Furthermore, El Batal raised its paid-up capital in early 2019 from EGP 1 bn to EGP 1.5 bn, aiming to adhere to its expansion plans for this year, the CEO highlighted.

The capital raise came to “to speed up the completion of the existing series of projects in east and west Cairo, and deliver them a year ahead of the scheduled handover,” Doss noted, underlining that construction works on-site are in full swing and we are studying a variety of investment opportunities in the residential and service sectors, among other industries as well.

“El Batal is in the process of invading the industrial sector and expanding its works in Al-Ain Sokhna, and will soon announce the establishment of a joint venture with Chinese investors,” Doss pointed out, stressing that negotiations are underway with the Suez Canal Economic Authority over the project’s establishment.

The Egypt-based company’s investments in the Egyptian market exceed EGP 9 bn, with a broad portfolio featuring residential projects in east and west Cairo, including EGP 2 bn Rock Eden in 6th of October City; Rock Vera and Rock Elite in New Cairo, worth EGP 1 bn and EGP 750 mn, respectively; Rock Ville in Obour City, with estimated investments of EGP 600 mn.