El Shams ends talks over residential compound in 6th Oct. City

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Egypt’s state-owned El Shams for Housing and Development says it has ended talks with two real estate companies on developing a new residential compound in Sixth of October City.

El Shams had earlier received offers from eight firms operating in the real estate development field to execute the project on a space of 11,000 metres, said its chairman Mahmoud Maghawry said on Wednesday.

“The project will include 21 residential buildings, with initial investments worth 250 million Egyptian pounds ($14 million),” Maghawry said.

El Shams is currently negotiating with two property development firms to start works on the project within the next year, he added.