Mazaya Developments reveals its latest venture in the New Administrative Capital, marking its fourth project in the area with investments soaring up to EGP5 bn, Invest-Gate reports.

The company made the announcement during a press conference attended by officials and a select group of media professionals.

Chairman of Mazaya Developments, Mohamed Allam, expressed the company’s forward-thinking approach, highlighting its strategic investment in the initial phases of the New Administrative Capital.

Allam emphasized the new project’s strategic location in the MU23 area. It is poised to accommodate between 200,000 and 300,000 residents and is situated between the R2 and R3 residential sectors, offering a promising investment opportunity.

For his part, the CEO of Mazaya Developments, Mohamed Mostafa, provided insights into the project, describing it as a comprehensive complex integrating commercial, administrative, and medical facilities. The structure comprises a ground floor and nine additional floors, with three underground levels.

“Commercial spaces span the ground to the second floor, while administrative units occupy the upper floors, medical facilities will be housed in a separate building managed by a dedicated company,” Mostafa added.

Moreover, Mostafa also outlined progress on existing projects, noting that 40% of The ROOK project’s construction is complete, with 60% of the units sold. Additionally, he highlighted advancements in the Gemini Blue and Gemini Red projects, emphasizing sales success and construction progress.

Looking ahead, the company, with its proven track record of success, aims to channel EGP500 mn into construction efforts this year, with a sales target of EGP1 bn. Plans for a fifth project slated for launch before 2024 conclude the company’s ambitious agenda, as it remains vigilant for new investment prospects in both the New Administrative Capital and beyond, instilling confidence in its future growth and potential.