Talaat Mostafa, Egypt’s largest listed real estate developer, has purchased 500 feddans (acres) for development in the country’s New Administrative Capital, Invest-Gate reports.

“Talaat Mostafa received the land two weeks ago after it came to an agreement with the administrative capital company on all the conditions,” a housing ministry source told Reuters.

About 15 Egyptian companies, including Talaat Mostafa, submitted bids in March to develop land for the capital’s first phase of construction, but no official announcement has yet been made as to the winning bids.

Egypt’s plan to construct a new city 45 km (28 miles) east of Cairo was announced in March 2015 at a Sharm al-Sheikh summit held to attract foreign investors.