SUD unveils executing Capital Heights I in Egypt new capital
Egypt’s real estate developer Safwa Urban Development (SUD) has started executing its flagship Capital Heights I in the country’s new administrative capital, said marketing director Ahmed Nabil on Saturday.
It is a fully-integrated residential project, including 2,100 housing units over 50 feddans, with investments worth three billion Egyptian pounds (US$167.9 million), Nabil told Amwal Al Ghad.
“The project is set to be delivered at the end of 2021,” Nabil said, adding that his company would sign a contract with New Administrative Capital Company for Urban Development to develop Capital Heights 1 within a four-year timeframe.
“It’s planned to start marketing the project’s commercial centre on a space of 30,000 square metres at the end of this year,” Nabil stated, referring that the centre is to encompass about 70 units.
“We are also marketing Capital Heights II, our second project in the new capital, spanning over 250,000 square metres. It will comprise housing units, with investments of 3.5 billion pounds.”
The second phase of Capital Heights II project is set to be launched within the next few days, Nabil said, clarifying that OUD will soon obtain the ministerial approval on this project.
Located 45km (28 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s plan 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 is to feature 1,250 mosques and churches as well as 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.