Progate Development has signed a strategic partnership contract worth EGP 2.5bn with Memar El Fouad, a subsidiary of Al Fouad Holding Group, to develop the Zavani project in the New Administrative Capital (NAC), during the company’s sohoor on Saturday, Mohab Fahmy, the chairperson of the company, said.
Fahmy added 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 the 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. Fahmy noted that the company plans to begin project delivery in 2023.
For his part, Fouad Abaza, chairperson of Al Fouad Holding Group, said that the group has extensive experience in many important economic sectors and has been working in the market since 1996 in sectors including gas, iron and steel factories, wheat silos, mills, agriculture, and international Al Fouad schools in Sharqeya, Sohag, and soon in the NAC.
Abaza added that the two companies will have other future projects in the real estate sector.