Emaar Misr to establish EGP 37.8 bn residential project in Sheikh Zayed
Emaar Misr will spend EGP 37.8 bn developing a 500-feddan residential project dubbed “Belle Vie” in Sheikh Zayed after signing a land allocation agreement with the New Urban Communities Authority, the company said in an EGX disclosure (pdf). Emaar had received the authority’s approval for the project in late 2019, following the settlement of a dispute concerning its EGP 11.5 bn Cairo Gate development on the Cairo-Alexandria Desert Road. Emaar received approval for the project’s blueprint last year.
IN OTHER REAL ESTATE NEWS- Amer Group broke ground on a EGP 2.5-3 bn mixed-use project Minya, head of real estate Hosny Omar said on the sidelines of a Thursday presser, according to Hapi Journal. The new development, which will be built over three phases, will comprise 2.5k residential units as well as commercial and entertainment facilities.