Egyptian developer El Batal Group for Housing and Development is planning to launch a new residential project in the Fifth Settlement in New Cairo at a cost of E£300 million ($33.7 million), said a report.

The project will be offered for sale before the end of this year, reported Amwal Alghad citing its chief executive Emad Doss.

Doss said that the project will boast of 250 hotel apartments which will up for grabs only for foreign nationals.

The company is set to sign contracts with contractors for implementation of the project within the next three years.