Egypt-based New Plan Developments launched on March 27 its third project in the New Administrative Capital (NAC), ATIKA, on the sidelines of Cityscape Egypt, Invest-Gate reports.

Stretching over 36 acres, ATIKA is also the company’s second residential project in NAC’s R7 district and it encompasses 1,500 units, with investments up to EGP 4.5 bn, New Plan Developments’ CEO Walid Khalil told Invest-Gate during the exhibition.

The company also plans to implement a 35-story residential tower in the NAC’s Central Business District (CBD), comprising diverse activities and an international school, on an area of 25,000 square meters, he said, noting that the plot was acquired and ministerial approval is underway.

Meanwhile, New Plan will invest EGP 8 bn in its three real estate projects in the NAC during 2019, while planning to pump investments worth EGP 3 bn into their construction works, Khalil revealed.

Units at Serrano, the company’s first residential project in the NAC, was fully sold out after six months of its launch. The compound covers 15 acres and comprises 622 units, with total investments worth EGP 1.5 bn.

Khalil said Serrano’s earthwork started last month and the project’s construction will begin during the coming period. The company has already obtained the ministerial approval for its implementation.

He revealed that New Plan is developing another project, dubbed ELEVEN, in the NAC. It is an administrative and commercial building located in the R7 residential neighborhood, covering an area of 7,500 square meters, with targeted sales worth EGP 1.2 bn. ELEVEN is almost 10% sold out, Khalil added.