Arabia Developments launched a EGP 30 bn mixed-use tower compound in the new capital called KOR, according to a statement (pdf) from the real estate developer. The 110k-sqm development includes seven towers — two residential towers, four administrative towers, and a hotel. The first phase of the roughly USD 627 mn project — which will include administrative offices and residential units — has been under construction already for six months and is scheduled for delivery in 2029.

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The details: Each tower is 21 floors high, offering a total of 3.5k units. The project will also feature social clubs, a co-working space, as well as a commercial area with stores and restaurants. It is designed to reduce operating costs by over 40% in comparison to conventional buildings and be carbon neutral, in addition to incorporating smart mobility features such as EV charging and bike-sharing stations.

What they said: “We believe that this project is not just a real estate development, it is an integrated platform combining innovation, technology, and sustainability, to present a living model for smart cities that supports urban advancement and enhances the quality of living, work, and entertainment in the new capital,” Arabia Developments founder Tarek Shoukry said.

ALSO- Imarrae launched a EGP 16 bn residential development, KIN, marking its first residential real estate project in New Cairo, the developer said in a statement (pdf). The 96.6k-sqm compound will offer luxury housing, alongside commercial and administrative areas.

“The KIN project represents a strategic move for Imarrae to transition from its leadership in the commercial and administrative sectors to the residential sector,” according to the statement.

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