Egypt’s property developer First Group considers the implementation of an administrative project in the New Administrative Capital (NAC) in the coming period, Invest-Gate reports.

CEO of First Group Basheer Mostafa recently told Invest-Gate that the company will soon apply for buying a plot with an area of about 12,000 square meters, after completing the project’s market analysis. This comes as part of the developer’s plan to diversify its land bank in various areas, he added.

Mostafa sees that investing and developing projects in NAC is a good opportunity for developers, especially that the project receives national and government attention, as the state attempts to make it a model city with the aim of reducing population congestion in Cairo and doubling urban areas. He added that accelerating the development rates and establishing the needed infrastructure facilities will encourage local and foreign investors to become part of such a mega project.

Meanwhile, First Group will launch its new tourism residential project in Ain Sokhna, east Cairo, with targeted sales estimated at EGP 6 bn during the fourth quarter of 2019, the CEO confirmed.

On another note, the company began delivering the third phase of KENZ Compound in October Gardens, west Cairo, Mostafa noted, pointing out, “We started marketing the fourth and final phases of the project during March. The fourth phase includes 18 residential buildings with total targeted sales of EGP 650 mn, and is scheduled to be delivered in early 2021.”