Cairo – Mubasher: Remco for Tourism Villages Construction on Wednesday announced it has started implementing projects at the New Administrative Capital at a total cost of EGP 12 billion ($680 million).

The projects spanning 2.3 million square metres, on which Remco owns in partnership with the Armed Forces Land Projects Agency (AFLPA), the company added in a statement to the Egyptian Exchange (EGX).

Total sales of the project stand at EGP 15 billion ($850 million) to be executed within two years, according to the statement.

The project includes the constructions of 450 villas and 4,000 apartments, in addition to allocating a 7,000-metre plot for commercial buildings, the company highlighted.

Remco has also dedicated 1,370-metre and 3,650-metre plots for administration and services buildings respectively, the company continued.