Master Group Vice-Chairman Mohamed Mounir has confirmed that more than 70% of the Egyptian real estate developer’s flagship project in the New Administrative Capital (NAC), or “The City,” has been sold out, Invest-Gate reports.

Further, phase I of Master Group’s mixed-use project in Ain Sokhna, named “Ibiza Chillout,” is a full house, Mounir indicated in the company’s press release on September 30.

This came during Master Group participation in Al Ahram’s property show, or “Aqari Exhibition,” which took place from October 1 to 4, where some special offers and discount bundles were presented to those who expressed interest in the company’s various urban developments.

The limited-time offers were applied to the developer’s Ibiza Chillout and The City projects, which extend over 28 and 54 acres, respectively, according to the vice-chairman.

In early September, Master Group had rolled out its second residential project in the new capital, named “City Oval,” with investments estimated at EGP 6 bn, as highlighted in a previous statement.

The 37-acre compound, coming under the slogan “The English Heart of the New Capital,” is situated on a 12-meter high plateau in the R7 District, Master Group CEO Mohamed Lashin uncovered back then.