Egypt’s Master Builders to carry out Pukka New Capital in Q3
Egypt’s property developer firm, Master Builders Group (MBG) says it plans to start executing its residential flagship Pukka in the country’s New Administrative capital within the third quarter of 2018.
The project is with total investments of about 1.5 billion Egyptian pounds ($83.8 million) and target revenues of four billion pounds, MBG’s chairman Mahmoud Al Adl unveiled Saturday.
“We have marketed around 25 percent of the project, with sales worth about 500 million pounds, which will be increased within this year,” Al Adl further added.
Moreover, the official said his company is negotiating with Administrative Capital Company for Urban Development, a firm in charge of developing the project, to carry out a new residential project in the new capital.
As for Pukka New Capital, the project is spanning over 50 faddans within a four-year timeframe. It will include 48 residential buildings, with total 1,500 housing units and with spaces ranging between 102 and 227 square metres.
MBG also hopes to pump 150 million pounds out of the project’s Pukka’s initial investments that reach 1.5 billion pounds as well as 500 million pounds into the project within the current year.
Located 40km (24.8 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s scheme to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.