Egyptian developer Aqar Masr has reportedly been given the green light by government officials to start developing the 8ha Anakaji project from 2020 in Egypt’s proposed new capital city, with total construction set to be worth $86m.
According to Thomson Reuters, Aqar Masr’s commercial general manager, Bahaa Hefzallah, said the firm would begin construction on part of the development, which will comprise 55 units, 24 hotel apartments, as well as office space, from January 2020.
The remainder of the development will include 792 units across 10 buildings, a community mall and a cultural centre, but Hefzallah did not disclose a construction timeline.
During 2020, Hefzallah added that the firm would be investing $37m into the project’s construction.
The development is reportedly being designed by Egyptian firm Dar Al-Mimar Architects, with construction also being carried out by the group.