Progate Development launched on Wednesday its first project at the New Administrative Capital (NAC) called Zavani with EGP 2bn investments, Mohab Fahmy, the chairperson of the company, said.
Fahmy’s announcement came during the first day of the Cityscape exhibition.
He revealed that the project is being developed on 33 feddan in the diplomatic district and includes a variety of residential units, creating a mix of originality and modernity.
The project is located in R7 diplomatic area overlooking the main road, and will offer 1,376 housing units varied between luxury apartments, duplexes, and penthouses with areas ranging from 122 sqm to 366 sqm.
Such units will be offered either fully finished or semi-finished, with a variety of payment plans to suit the various purchasing powers.
The project’s built-up area will constitute 20%, while green spaces would be 80%, in order to provide a unique lifestyle.
Fahmy revealed that the company is developing another project in Hurghada’s Sahl Hashish, dubbed ‘The K’ with EGP 1bn of investments.
Progate currently exhibits the project in Cityscape with distinguished offers and a 30% discount on cash payments.
Additionally, the company is developing Centro Business Hub in Fifth Settlement, with investments up to EGP 400m, aiming to turn it into one of the most important commercial administrative projects in New Cairo.
He pointed out that the Egyptian market has many real investment opportunities, and the sector achieved a growth rate of about 6% last year, which is expected to increase over the next five years.
“Which means that the property remains the safe haven for investment,” Fahmy added.