Property developer Saudi Egyptian Construction Company (SECON) says it plans to start implementing a new residential flagship in the county’s new administrative capital, 40km east of Cairo, within the second quarter of 2018.
The project will be established on a total space of 70 faddans, said SECON’s chief executive Darwish Hassanein said Sunday during the third round of Egypt Investment Forum, which is being held on 3 and 4 February.
“The company is set to negotiate with the Egyptian government to attain another land plot within the upcoming period,” Hassanein further stated.
As for the new capital, the under-construction city is part of the government’s scheme to expand urban areas to deal with the country’s rapid population growth and improve the nation’s infrastructure.
The 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 centre, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.