MBG to execute Pukka’s phase I at Egypt new capital in Nov.
Egypt’s property developer Master Builders Group (MBG) says that it will start carrying out the first phase of its residential flagship Pukka in the country’s new administrative capital within next November.
The company is looking to pump investments worth 300 million Egyptian pounds ($16.7 million) into the first phase that represents ten percent out of the project, its chairman Mahmoud Al Adl told Amwal Al Ghad on Wednesday.
“The project’s total cost is expected to reach 1.5 billion pounds,” Al Adl said, adding that Pukka is being executed over 50 faddans within a timeframe of four years.
The Egyptian official said Pukka will include 48 residential buildings with total 1,500 housing units, with spaces ranging between 102 square metres and 227 square metres.
“We have obtained the ministerial approval on the project,” he said, adding that MBG had marketed about 50 percent of the project.
The company is currently negotiating to attain a new land plot to establish a global sports and medical centre in the new capital, Al Adl added.
Located 40km (24.8 miles) east of Cairo, the under construction 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 will be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches, a 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.