Egypt’s El Mostakbal for Urban Development has signed a deal with the state run construction firm Hassan Allam Properties to develop a full-fledged residential project in Mostakbal City.
The project will be spanning over 250 feddans with investments worth 18 million Egyptian Pounds(1 million).
Mohamed Medhat Allam, Hassan Allam CEO said that the project will include various residential units namely standalone villas, town houses, duplex units and residential units with various spaces. The project also will include commercial, service and administrative complexes.
Mostakbal City is the flagship and largest planned mixed-use development in Egypt’s New Cairo district, being developed on an area of 45 million square metres consisting of five phases, where the roads and green areas represent 50 percent of the total area of the city.
El Mostakbal is the master developer of Mostakbal City, in charge of preparing the master plan, urban planning, and design guidelines for the whole project, securing the governmental approvals, and implementing the main roads network along with main infrastructure networks. The company is set to incorporate sub-developers to be responsible for developing the different areas of the project according to the approved master plan and urban planning, and design guidelines.
Founded in 2006, El Mostakbal for Urban Development is an Egyptian incorporated company in which major state-run banks and construction firm are main shareholders; Banque Misr, National Investment Bank, National Bank of Egypt, and Arab Contractors