By Shaimaa Al-Aees
EG Master Developments revealed it has completed 20% of construction works in its The City Valley project at the New Administrative Capital (NAC), and has sold 80% of its units, according to CEO Ramy Salib.
Salib said that the company is developing The City Valley compound, which is worth EGP 4bn in investments, on 63 feddans in the NAC’s R7 district, with the project comprised of 57 villas and 51 buildings.
He added that the compound will also feature the 15,000 sqm Aventura shopping mall that will include 287 units. He noted that construction work in The City Valley development is scheduled for completion after three years. The compound also includes a large social club, a variety of sports fields, and a fully equipped health club.
Salib said that the company is also implementing a commercial mall at the NAC on an area of 3,000 sqm. The Asgard Mall, worth EGP 1bn in investments, includes 72 units and is scheduled for completion after 18 months.
With the local real estate market set to recover following the novel coronavirus (COVID-19) pandemic, he disclosed that the company plans to expand into residential and tourism projects during 2021.