Egypt’s Social Housing Fund (SHF) is negotiating with the country’s New Administrative Capital Company for Urban Development to provide a number of land plots, said SHF’s vice chairman May Abdel Hamid on Tuesday.
The company seeks to carry out a bunch of units as part of the state social housing project in the new administrative capital city, Abdel Hamid further told Amwal Al Ghad.
“The units will be implemented with spaces ranging between 75 square metres and 110 square metres,” the Egyptian official stated, adding that it is expected to launch them within 2018 or 2019.
“We (the company) are in talks about the land plots’ spaces and the project’s initial cost,” Abdel Hamid noted.
Moreover, Abdel Hamid referred that the fund plans to achieve budget estimated at 14 billion Egyptian pounds within the financial year 2018/2019 to execute a new phase in the social housing project.
Located some 40km to the east of Cairo, the under-construction new capital city is part of the government’s plan 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.