Manazel Real Estate Developments, a subsidiary of Kuwaiti Manazel Holding, has signed an agreement with Egypt’s real estate developer Landmark Sabbour to develop Layan Compound in New Cairo, Invest-Gate reports.

Under the agreement, Manazel will develop the service area number (4) in the residential compound, which stretches over nearly 53,130 square meters, Manazel said in a Kuwaiti bourse filing.

Meanwhile, Sabbour’s subsidiary will be in charge of marketing, selling, and the full disposition of all units to be established at the service area.

Landmark Sabbour will pay Manazel a total value of EGP 228.67 mn – equivalent to KWD 3.88 mn – in installments over three years.

Developed by Landmark Sabbour, Layan Compound spans across 227 acres and comprises housing units, schools, social and sporting clubs, as well as, mosques, playgrounds, medical center, and lush gardens.