Egyptian construction firm Remco Tourism Villages Construction Company (RTVC) has started carrying out projects in the New Administrative Capital, Invest-Gate reports.

The EGP 12 bn projects spans across 2.3 mn sqm, which Remco owns in partnership with the Armed Forces Land Projects Agency (AFLPA), according to a bourse filing.

The projects, scheduled for completion within two years, include the establishment of 450 villas and 4,000 apartments, in addition to allocating 7,000, 1,370, and 3,650 sqm for commercial, administrative, and services buildings.

Total sales of the projects are expected to amount to EGP 15 bn, according to the statement.