Egypt-based Nile Real Estate Company has launched the first phase of its residential project in New Cairo which will see the construction of 24 housing units ranging between 133 sq m and 178 sq m in area.

The Nile Park residential development is part of the country’s Beit Al Watan project that allows Egyptian expatriates to own lands in their homeland, reported Amwal Alghad.

A 6,000-sq-m mini compound project, Nile Park will be implemented in three phases, said the report, citing a top official.

The prices of the units start from E£5,600 and E£7,200 ($313 and $402) per sq m, with a 10 per cent down payment and facilities of up to seven years, stated CEO Mohamed Taher.

“We will complete the project at the end of 2020," he added.