A new residential compound is expected to be launched in New Nubaria City at a total investment cost of EGP 50 mn, according to Mahmoud El Nagdy, Head of the New Nubaria City Authority, reported Al Mal.

The project will have an area of 6,000 square meters, and tenders will be offered to several investors soon to develop the project. The authority is set to offer a total of 15 land plots for investments through the upcoming period.

El Nagdy expects that the master plan formed for the city’s expansion and development, consisting of a total of 16,000 acres, will be finalized within the next few days.

He previously stated that the total real estate investments in New Nubaria amount to approximately EGP 700 mn worth of residential projects, and the city has previously signed contracts with five developers worth EGP 100 mn in the past few months. Contracts include implementation of facilities, social housing homes, and water and sewage projects, Al Borsa reported.