ICEC

Egypt invests 9 bln pounds in Iskan Misr, Dar Misr middle-income residential flagship

Egypt has pumped total investments worth around nine billion Egyptian pounds ($510.1 million) into Dar Misr, middle-income residential flagship, and Iskan Misr in New Cairo, Housing Minister Moustafa Madbouly said Saturday.

These investments included 5.50 billion pounds for Iskan Misr, Madbouly further stated, adding that 3.5 billion pounds were directly injected within the third phase of Dar Misr.

The minister made his remarks during inspecting Dar Misr’s third phase as well as the housing units of the two projects, where a number of homes have been completely implemented.

“Iskan Misr will comprise 721 fully furnished buildings (16,808 units) with spaces ranging between 106 square metres and 118 square metres,” Madbouly said, referring that 35 construction firms and 12 consulting offices are currently executing the project.

As for Dar Misr’s third phase, the country is carrying out 8,760 units including 365 buildings, with spaces ranging between 100 square metres and 150 square metres, Mostafa Fahmi, New Cairo Development Authority’s head, said.

“A services area is being executed (in Dar Misr), with investments totalling about 3.50 billion pounds,” Fahmi noted, elaborating that the works are to be finanlised by mid-April 2019.

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