ICEC

Egypt’s Alsedek to develop two projects in 6th Oct. City

Egypt’s Alsedek Real Estate plans to develop two projects in Sixth of October and Nasr district cities, with investments totalling around 550 million pounds.

Situated on 8,000 metres, the two projects’ cost will range between 250 million pounds and 300 million pounds, Alsedek’s chairman Mohammed Hamid said on Monday.

“The construction works is planned to be commenced by early 2019,” Hamid furter added.

The Egyptian official said his company is set to execute a residential and commercial project of 250 million pounds in Nasr City over 1,000 square metres.

Scheduled to be delivered within 30 months, Nasr City’s property will encompass 72 housing units and 12 commercial units, he said.

Since the beginning of 2018, Alsedek pumped 400 million pounds in various projects in Egypt out of total 500 million planned to be injected over the year, Hamid added.

Hamid said that the real estate investment firm’s projects are located in Maadi, Heliopolis, Nasr City, Sixth of October, and North Coast.

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