By: Abdullah Bedeir

Cairo – Mubasher: Amer Group Holding Co has started construction works at its residential project in New Minya City, Hosny Hany Omar, Head of the Real Estate Sector at Amer Group, said.

Spanning over 60 feddans, the new project will be established over three phases and will feature 2,500 residential units with an investment ranging from EGP 2.5 billion to EGP 3 billion, Omar told reporters.

In a bourse disclosure on Sunday, Amer Group said that the investments of the project amount to EGP 2.7 billion.

During 2020, Amer Group recorded net profits of EGP 25.51 million, down from EGP 56.4 million a year earlier, including minority shareholders’ rights.