Egypt-based Progate Development has partnered with Memar El Fouad, a subsidiary of Alfouad Holding Group, to develop the former company’s residential project in the New Administrative Capital (NAC), Zavani, at costs valued at EGP 2.5 bn, Invest-Gate reports.

Covering 33 acres in NAC’s Diplomatic District, Zavani is being developed with investments worth EGP 2 bn and is expected to be delivered in 2023, Chairman of Progate Mohab Fahmi said on the sidelines of the company’s Sohour night on June 1.

Additionally, Fahmi noted that Progate and Memar El Foud would further collaborate on more property projects in the near future.

Featuring a variety of residential units with designs mixing originality and modernity, Zavani will comprise 1,376 fully- and semi-finished housing units, varying between luxury apartments, duplexes, and penthouses, with areas ranging from 122 to 366 square meters.

Meanwhile, Progate is also building “The K” in Sahl Hasheesh, which is being implemented with total costs of EGP 1 bn, in addition to Centro Business Hub in New Cairo, with investments up to EGP 400 mn.