Orientals for Urban Development (OUD), an affiliate to Egypt-based Oriental Weavers, is studying the acquisition of a 45-acre land plot in the New Administrative Capital (NAC) to mark its second residential project in the new city, Invest-Gate reports.

Executive Chairman of OUD Asser Hamdy exclusively told Invest-Gate on February 11 that the developer targets submitting the purchase request to the Administrative Capital for Urban Development (ACUD), NAC’s master developer, during the second half of 2019.

According to Hamdy, OUD’s move came after the company succeeded in achieving remarkable sales from its first NAC residential project, J’noub, which prompted the developer to consider launching another project in the new smart city, confirming that investing in the NAC is one of OUD’s expansion plans to diversify its investment portfolio and land bank to meet the demands of its large segment of customers.

Back in September 2018, OUD has launched the first phase of J’noub project, in the R7 residential district in NAC, which the company has already obtained a ministerial approval for its implementation.

With investments reaching EGP 3.9 bn, J’noub spreads over 50 acres of land and features 1,862 housing units with varying sizes and modules, including villas, apartments, and townhouses, in addition to other distinct services and entertainment spots.

Additionally, OUD aims to begin delivering J’noub’s units during the first quarter of 2020, Hamdy revealed, underlining that it is planned to implement the project over four phases within three years.