Egyptian Sabbour Consulting and Kuwaiti property developer Manazel Holding signed an agreement to develop Layan Compound in New Cairo.
Manazel Holding said on Monday its affiliate Manazel Real Estate Development in Egypt had signed the contract with Landmark Sabbour Developments to develop Layan residential project, with spaces of around 53,130 square metres.
Landmark is the main developer of Layan which will include the establishment of various housing units, schools, social and sporting club, mosques, play grounds, medial unit, and gardens.
Sabbour’s affiliate will be also responsible for developing, marketing, and selling units of Layan, at a value worth 228.67 million Egyptian pounds or KWD 3.88 million ($12.82 million), Manazel said in a bourse filling.
“This value will be collected in installments within a three-year timeframe,” the company added.