Egypt’s Living Yards Developments has launched the second phase of The Loft Compound in the country’s new administrative capital, said a senior official on Tuesday.
The residential project is with target sales worth 700 million Egyptian pounds ($39 million), said Living Yards’ chief commercial officer Hashem El Kadi said.
“We had marketed the project’s first phase in the fastest time ever recorded, with sales of around 600 million pounds,” El Kadi said.
Spanning over 23 feddans, The Loft Compound is the firm’s first project in the Egyptian real estate market to be carried out in four phases. It will include about 920 various units, he added.
“We are seeking to get a number of land plots in the new capital and New Alamein, northwest of Cairo, cities,” El Kadi said.
Located 45km (28 miles) east of Cairo, the anticipated new capital is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.
