Egypt assigns 1,376 feddans for 11 real estate firms in new capital

Egypt’s New Administrative Capital Company for Urban Development unveils that it has allocated 1,376 feddans in favour of 11 real estate firms in the first phase of the county’s new administrative capital project.

Magdy Amin, chairman of real estate sector at New Administrative Capital Company, told Amwal Al Ghad on Sunday that his company has allotted 200 faddans for Misr Italia as well as 500 feddans for Talaat Moustafa Group Holding (TMGH).

“Saudi Egyptian Construction Company (SECON) attained 70 feddans and Ammoun International for Investments obtained two land plots, on a space of 110 feddans,” Amin further stated.

The Egyptian official added that Safwa Real estate also obtained two land plots; the first land is over 57 feddans, while the second land is over 50 faddans.

New Administrative Capital Company also assigned and 150 feddans for military-owned Tiba Rose Assembly as well as 50 feddans for Mohamed Abdel Wahab Construction, 42 feddans for First Residence, and 40 feddans for Master Build Group, he noted.

“Misr for Investment and Urban Development Company attained 42 feddans and Egyptian National Bank Association got 74 faddans,” Amin said.

Moreover, Amir referred that New Administrative Capital Company is currently negotiating with a number of Arab investors to execute various residential flagships in the new capital.