Egypt’s Misr Engineering Development Company (MEDCOM) is negotiating with a number of real estate developers to carry out some villas in New Cairo within 2018, a source with knowledge said Sunday.
These villas are with costs approaching 500 million Egyptian pounds ($28.3 million), the source further told Amwal Al Ghad.
“The construction works will be implemented early next year,” he said, referring that MEDCOM seeks to sign the contracts before the end of 2017.
“The company is currently carrying out some mega buildings in the ministerial district in the new administrative capital,” the source stated.
The source noted that MEDCOM earlier opened the military-owned Al Masah Capital Hotel in the new capital in October, with investments worth more than 1 billion Egyptian pounds ($56.6 million).