Saudi Arabia’s New Plan Developments says it has started the construction works of its first flagship in Egypt’s new capital.
With investments of 1.5 billion Egyptian pounds ($89.3 million), the fully-fledged Serrano Compound at the seventh residential district will be delivered within 2022, the company’s chairman Walid Khalil announced on Monday.
“We have attained the ministerial approval of the 15-feddan project that is with a built-up area not exceeding 17.5 percent,” Khalil said.
Serrano Compound is set to include 622 semi-furnished units, he said, adding that New Plan marketed 90 percent of these units.
New Plan is a shareholding company that has a long history in real estate and commercial activities in Saudi Arabia for more than 17 years.
In 2018, the Saudi company established its Egyptian subsidiary in Cairo with a paid-up capital worth 100 million pounds.
