Housing & Real Estate Investment Company says it is building a new residential compound in 6th of October City set for completion in early 2017, Al Mal reported on Wednesday.

The 24.5 acre compound will be built at a cost of EGP 400 mn, and the company has finalized its plan for the land plots and has received the Cabinet’s approval and building permits, according to Yehia Emam, the General Manager of the company’s Engineering Department.

The company will also offer tenders for the construction of a 5,000 square meter residential tower in Abbassiya located by the end of this year, he added. The nine-storey tower will hold 120 residential units ranging from 100 to 200 square meters, and will be built at a cost of EGP 90 mn.