5 real estate firms near executing residential projects in Egypt new capital

Egypt’s five real estate firms near to start executing nine residential flagships in the first phase of the country’s new administrative capital, 45km (28 miles) east of Cairo, within the next period, an official said on Thursday.

These firms have obtained the ministerial approval on the projects’ land plots in the anticipate new capital, according to Khaled El Hosseini, spokesperson and public relations manager of Administrative Capital for Urban Development (ACUD).

“The real estate companies had paid off 20 percent of the total value of the land plots, which were allocated by the Administrative Capital Company,” El Hosseini told Amwal Al Ghad.

The official said the new capital project includes a number of major real estate development firms, which are operating in the local market and they are looking to establish a bunch of mega residential projects in the new capital within the upcoming period.

As for the new capital’s nine flagships, El Hosseini said they are distributed on three projects in favour of Misr Italia Properties that got three land plots by the New Administrative Capital Co.; one project in favour of Saudi Egyptian Construction Company (SECON); and another flagship in favour of Talaat Moustafa Group Holding (TMG).

Tiba Rose Assembly that won a mandated to execute one project over 150 feddans in the new capital and another property company named Ammoun that was charged with implementing three project there over 60 feddans, he concluded.