Egypt’s property developer Mabany Edris promoted 60 percent of the first phase of its housing flagship – Asayla in New Assiut City, announced a senior official in the company on Monday.
Established by Presidential decree no. 194/2000, New Assiut is located on the east of the Nile and it is 15km (9.3 miles) far away from Upper Egyptian city of Assiut.
“We obtained the ministerial approval on the project,” head of the commercial sector at the company Ayman Nawar said.
Spanning over 130,000 square metres, the project is with investments estimated at 1.250 billion Egyptian pounds ($77.2 million).
The project will include a number of townhouses and standalone villas with spaces ranging between 200 square metres and 350 square metres, besides hotel apartments.
