By: Abdullah Bedair   

Cairo - Mubasher: New Generation Developments (NGD) launched a project in New Alamein City at a total estimated investment of EGP 1 billion, in participation with the New Urban Communities Authority (NUCA) of Egypt's Ministry of Housing, Utilities, and Urban Communities.

The project spans 75 feddans, on which 400 housing units will be built, in addition to 80 hotel apartments, an 80-key hotel, and a three-feddan commercial zone. The development will also comprise a sports club under the umbrella of the French Roland Garros Tennis Academy.

Assem Fadel, Chairman of NGD, elaborated that choosing New Alamein to execute this project comes in line with the Arab Republic’s objective to develop new smart cities.

Fadel pointed out that the firm targets EGP 4 billion in sales from the project.

Meanwhile, Ehab Labib, General Manager of NGD, stated that the project will be self-funded and carried out in accordance with an implementation plan that begins by the end of 2022.

Labib added that New Alamein project is scheduled to be delivered by the end of 2025, with target sales worth EGP 1.50 billion from the first offering of units.

In exclusive statements to Mubasher, the General Manager revealed that NGD is investing around EGP 1 billion in a housing project in the New Administrative Capital (NAC). The company expects sales worth EGP 3 billion, of which EGP 1.50 billion has been registered so far.

Furthermore, Labib noted that the firm intends to team up with NUCA for another project in New Alamein on 36-feddan area, with expected sales of EGP 3 billion.

The property developer also plans to collaborate with Emirati and French investors to implement a new project close to NAC with target sales of EGP 5 billion.

As for listing on the Egyptian Exchange (EGX), Labib stated that going public is not part of the company’s current plan, yet it might be considered in the future.