Property developer Beta Egypt for Urban Development says it plans to invest 400 million Egyptian pounds ($24.7 million) in its flagship – Beta Greens – in Mostakbal City, New Cairo until 2020.
The company is set to pump investments worth 100 million pounds into Beta Greens’ construction works at the end of the current year, chairman Alaa Fikry said on Wednesday.
“We are currently selecting contracting companies to be awarded with the implementation of the project,” Fikry added.
While selecting the contracting companies, the company will focus on the history, proficiency, technical classification, and financial solvency of the contender companies, he added.
Beta Egypt is making sure to implement a high-quality project that matches Beta Egypt’s projects and its history in the Egyptian market.
The company has invited construction firms seeking to be awarded the project and many enormous firms have already proposed. Once bidding comes to a close, the company will review all offers and a select the awarded companies in the coming period, Fikry said.
Beta Egypt is also looking to complete the implementation of Beta Greens New Cairo at the end of 2022, he said.
Beta Greens New Cairo embraces 730 housing units with total investments of 1.7 billion pounds and the project sales are exceeding 2 billion pounds, Fikry revealed.
The project has reached the targets for this current phase, no new phase is needed until 2020.
Beta Greens New Cairo spans over 25 feddans in Mostakbal City, New Cairo. The company has fully paid the land’s price and cash is available for the project’s completion as soon as possible
Beta Egypt is considering a non-residential project to be announced soon,” Fikry stated.
Source: Daily News