Egypt’s four state-owned construction firms seek to start developing the first and second phases of Maadi View in El Shorouk City, owned by Maadi Company for Development and Reconstruction within the next two months.
“The four companies are Al-Abd, Rolin, Atlas General Contracting and Real Estate Investments, Cairo for Contracting and Real Estate Investment, and Air Condition and Elevators Works company,” Maadi Co.’s chairman Mohamed AbdElKereem told Amwal Al Ghad on Thursday.
The two phases are set to be executed over 136 feddans, at a cost of 500 million Egyptian pounds ($28 million), AbdElKereem said.
AbdElKereem further added that his company had earlier signed contracts worth 500 million pounds with the four state-owned firms to carry out Maadi View’s two phases, where around 50 feddans will be developed.
As for Maadi View, the official said that it is one of Maadi Co.’s biggest projects in the real estate market are to be established on a space of 136 feddans in four phases. The housing units of each phase will range between 800 to 1,000.
Maadi Co. has also signed a contract with the state-run real estate marketing firm Real Mark to promote the project’s first phase, AbdElKereem said.