Egyptian real estate developer Living Yards Developments plans to achieve EGP 2.5 bn in sales of its first flagship project in the New Administrative Capital (NAC), The Loft, during 2019, Invest-Gate reports.

The project’s commercial part is expected to generate sales worth EGP 700 mn, Living Yards’ Head of Commercial Sector Hashem El Kady exclusively told Invest-Gate.

The expected sales of the project’s residential part are poised to reach EGP 1.8 bn, El Kady noted, underlining that Living Yards has recently launched the second phase of The Loft, with projected sales of EGP 700 mn, an increase of 6-9% compared with the achieved sales of the first phase.

According to El Kady, the project’s investments have reached EGP 1 bn via self-financing resources and is being developed over three phases. It spans across 23 acres and is in close proximity to NAC’s Diplomatic District, with a built-up area (BUA) of 19%, comprising apartments, duplexes, and penthouses that range from 78 to 350 square meters.

El Kady acknowledged that Living Yards plans to build a shopping mall inside the compound to serve its residents as well as NAC’s occupants, noting that the mall – which will cover 2% of The Loft’s total area – will soon be offered for sale to buyers.

Living Yards is owned by two investment groups: AM Group and Egyptian Swiss Group. The volume of both firms’ annual performance exceeds EGP 4 bn.