Egypt’s Catalyst Real Estate Consultancy Company is planning to launch its flagship residential project, First Home, in the new City of Galala, located between Ain Sokhna and Zafarana, by the end of this year, said a report.

The project is with target returns of around E£6 billion ($339.2 million) and initial investments of E£5 billion, reported Amwal Alghad, citing a top company official.

"Catalyst Real Estate will be pumping investments worth about E£300 million into the project within this year,” said its chairman Osama Shalaby.

The First Home will boast 3,000 housing units spread over a 360,000-sq-m area, he added.