Egypt’s ARDIC for Real Estate Developments Company says it targets contractual sales worth 600 million Egyptian pounds ($34 million) from Zizinia El-Mostkabal Compound project in Future City, New Cairo, within 2018.
Ashraf Dowidar, ARDIC’s chief executive, told Amwal Al Ghad on Sunday that his company has recently launched a new phase, which will include around 300 units at spaces starting from 250 square metres.
“We have marketed about 70 percent of the new phase,” Dowidar further noted.
The Egyptian official added that ARDIC has also promoted around 50 percent of Zizinia El-Mostkabal, making total contractual sales worth 1.2 billion pounds.
Zizinia El-Mostkabal is being established over 70.46 feddans, with a total of 1,807 housing units at spaces ranging between 140 square metres and 400 square meters, Dowidar said.
ARDIC seeks to carry out Zizinia El-Mostkabal within four years, he stated, referring that the first phase will be delivered in September 2020.
The company has recently installed solar energy panels atop the buildings completed so far in Zizinia El-Mostkabal at cost of 40 million pounds, as part of ARDIC’s newly-launched ‘urban sustainable development and green societies’ initiative, Dowidar added.
In coordination with the Federation of Egyptian Industries (FEI), the initiative aims to contribute to better use of energy.