Cairo Capital Development Company plans to carry out a new residential and hotel project in Sixth of October City, 38km (23.6 miles) from the centre of Cairo, said its chief executive Ahmed Selim on Sunday.
The new project will be executed over 21,000 square metres within a timeframe ranging between 3 and 5 years and it will include about 300 housing units and a hotel part, Selim further told Amwal Al Ghad.
The Egyptian official referred that the residential and hotel project is with initial investments of about 800 million Egyptian pounds and target returns exceeding 1.5 billion pounds.
“The project’s first phase is set to be launched by early next April,” he stated, adding that this phase will encompass 70 units, with target returns estimated at around 300 million pounds.
In addition, Selim clarified that Cairo Capital seeks to market 50 percent of the project’s residential part, through participating in a number of the exhibitions that will be held outside Egypt.