Dolmen Developments on track to launch its project debut in Egypt’s new capital
Egypt’s property developer, Dolmen Developments says it has started works on its project debut – The Pier Mall – at the third residential district in the country’s new capital.
Spanning over 3,000 square metres, the project is with investments totalling 400 million Egyptian pounds ($24.9 million), the company’s chairman Abdel Azim Khalil announced on Tuesday.
“We had earlier marketed around 30 percent of the project’s spaces, with total about 180 million pounds, Khalil said.
Located 45km (28 miles) east of Cairo over 170,000 feddans, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the rapid population growth and improve the nation’s infrastructure.
The new capital will be a 270-square-mile hub with 21 residential districts to accommodate five million people.
The city is set to feature 1,250 mosques and churches, besides 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.