TEHRAN - Iran's New Towns Development Company (NTDC) is overseeing the implementation of 189 projects valued at 166.3 trillion rials (about $332 million) across nine new towns, according to the company’s head.

Shahram Maleki, head of the state-run company, said 103 contracts have been signed with private investors to carry out the projects in Pardis, Parand, Andisheh, Mahestan, Sadra, Sahand, Baharestan, Fooladshahr and Golbahar. The developments include 24,599 residential and commercial units.

Maleki added that more than 150 investment packages have been prepared and updated by 19 new towns across the country, offering an estimated 3.5 quadrillion rials (around $7.0 billion) in diverse and attractive investment opportunities.

Among the key projects, Maleki said the coastal town of Tis will see the construction of a beach club, water park and amusement park. In Parand, plans include the Etemadieh Township and a construction industry marketplace. Sahand will feature a commercial complex, the Ofogh Hotel and the Velayat Complex, while Baharestan is set to host a large-scale Iranian-Islamic market developed in four phases.

He emphasized that active private sector participation is the driving force behind sustainable and balanced development in Iran’s new cities, adding that the government is facilitating this process by creating necessary infrastructure and offering appealing investment packages.

EF/MA