Homebuilding costs in Egypt new capital rise to 1.97 bln pounds

Costs to establish 78 housing buildings at the first residential district in Egypt’s new administrative capital have risen to 1.97 billion Egyptian pounds ($111.5 million), an official in Arab Contractors Company said Thursday.

Sayed Farouk, vice chairman of Arab Contractors, said Thursday that his company is implementing the construction works for the housing units in two phases.

The first phase will include 44 buildings of 1,048 units, while the second phase will have 34 buildings of 1,032 housing units, Farouk  further added.

“The accomplishment rates are exceeding 40 percent,” the Egyptian official said, adding that Arab Contractors is mandated to “carry out the fully-fledged utilisation works for the units.”