Pyramids Developments has so far pumped investments worth EGP 450 mn in La Capitale project in the New Administrative Capital (NAC) and targets raising this figure to record EGP 1 bn in the coming two years., Invest-Gate reports.

La Capitale’s construction works will begin in December, Chairman of Pyramids Developments Hesham Elkhouly revealed in a recent press release. He added that the company has completed marketing 55% of the project, 10% of which were sold to foreigners, while intending to complete selling the first and second phases by mid-December.

Elkhouly elaborated that the property developer has sold approximately 450 units of the project’s total 685 units, with sizes ranging between 67 and 241 square meters.

In addition, Pyramids Developments has contracted with three banks, notably Arab African International Bank (AAIB), Commercial International Bank (CIB), and Qatar National Bank (QNB), to start a financing program for customers who want to own a unit within La Capitale, the chairman noted.

The company owns three commercial malls in NAC, the first of which is a commercial administrative mall in the Central Business District (CBD), covering an area of 9,500 square meters, while the second is on the outskirts of La Capitale and the third spans across 8,500 square meters in R7 District. In addition, it plans to implement a French school and a hospital in the city.

He further revealed that Pyramids Developments has acquired 24 acres to launch La Capitale 2 project and has paid a 2% down payment of the land’s value.

“The total value of the lands obtained by the company in the new capital reached EGP 800 mn,” Elkhouly pointed out, underscoring that the firm is “studying to enter into a partnership with a company to develop a 36-acre project in R7 District in NAC.”