Egyptian ARDIC for Real Estate Developments said on Sunday it has obtained the ministerial approval on its first fully-fledged urban community project in New Minya City, 250km (155.3 miles) far from Cairo.
The real estate investment company aims to implement a housing, commercial, medical, sports, and entertainment flagship on a space of 310 feddans over 1.3 million square metres in New Minya.
The project will include a number of international schools, medical centres, and commercial and administrative buildings as well as two sports and social clubs, besides a university, hospital, hotel, commercial mall, mosque, church, and tourist walkway.
The urban project is set to be implemented in six phases within a seven-year timeframe. It will be with an initial investment cost worth around 14 billion Egyptian pounds ($844.7 million).
The contract terms include housing occupancy of 60 percent and investment occupancy of 40 percent of the project’s land plot.
In 2018, Egyptian Prime Minister Moustafa Madbouly held a meeting with ARDIC’s chief executive Ashraf Dowidar to develop a 310-feddan urban project in New Minya.
ARDIC signed a deal with the New Urban Communities Authority to get the land plot of the project, which is as part of the country’s plan to develop governorates in Upper Egypt by establishing new urban communities there.