PROJECTS: Egypt’s New Generation Group to build Botanica residential project in the new capital

SectorReal Estate

Egyptian developer New Generation Group is launching a 23-acre residential project in the New Administrative Capital (NAC) at an investment of 1.3 billion pounds ($82.5 million), the company CEO told Zawya Projects.Ahmed Selim said the four-phase Botanica is being developed in partnership with the Egyptian Ministry of Foreign Affairs, which owns the land, and would mainly house the ministry's staff.The project consists of 1,000 units in 28 buildings and includes leisure and retail components, Selim said, adding that the company is awaiting ministerial approval, and would likely be launched in 2021.Company chairman Essam Fadel said 2021 would also see the launch of a 50-acre mixed-use project in the 6th of October City at an investment of 6 billion pounds ($380.7 million).New Generation Group is a joint venture between Cairo Capital more...