Egypt’s El Shams Housing signs contracts on construction worth 300 mln pounds in 2017

Egypt’s state-owned El Shams for Housing and Development Company has signed construction contracts worth 300 million ($16.8 million) during 2017.

El Shams for Housing and Development Company is currently working on developing the fourth phase of its flagship Gardenia Compound in Sixth of October City.

Mahmoud Maghawry, chairman of El Shams, said that his company is planning to implement residential projects with all services during the upcoming period. in addition to, it is studying the possibility of establishing a mega project in the state new capital city on an area of 50 feddans.

Moreover, the fourth phase is with total cost estimated at 400 million Egyptian pounds ($22.6 million). The company aims to achieve total sales of 600 million pounds by the end of the current year.

The chairman also said that his company is currently competing to get a land plot of 103 feddans in New Cairo in the frame work of its expansion plan to establish a high-end residential project in partnership with the New Urban Communities Authority with expected investments of 6 billion pounds and timeframe of 7 years.