Memaar Al Morshedy will launch a residential compound in 6th of October City, with investments exceeding EGP 1 bn in 2017, reported Al Mal.

The company seeks to market the project by the end of 2016, while the project includes 640 residential units, including duplexes and apartments, with floor plans ranging from 160 to 320 square meters, featuring greenery and full services.

The company has also acquired a land plot measuring 30 acres in Zahraa El Maadi that will be used to build a residential compound offering both affordable housing and upscale housing, according to Deputy Chairman Hany Heikal.

Memaar Al Morshedy plans to increase their prices in the upcoming period as a result of the pound flotation and the increasing price of the dollar and building materials, added Heikal, noting that the rate of increase has not been decided yet. He stated that companies will be offering feasible payment plans, starting with 10% down payments, with instalments to be paid over six years.