HCCD’s unit to execute residential project in Eastern Cairo next Oct.

An Egyptian newly-established real estate development firm, affiliated to Holding Company for Construction and Development (HCCD), is preparing to establish a new residential flagship in the East of Cairo within October 2018.

The project, which is with expected investments exceeding 1.5 billion Egyptian pounds ($83.8 million), are to be executed in partnership with HCCD’s other two firms, an official source told Amwal Al Ghad on Tuesday.

The source further said that the country’s Arab Bureau for Design and Technical Consultation is responsible for preparing the project’s studies and engineering designs, which will be delivered within July 2018.

“The project is set to be developed on a space of 58,000 square metres in two phases within three years,” he said, referring that it will also include a number of residential buildings as well as commercial and administrative units.

The source clarified that one of the marketing firms that are affiliated to HCCD is responsible for promoting the project before the end of this year.

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