Egypt’s Holding Company for Construction and Development says it is expecting contractual sales up to six billion Egyptian pounds ($336.4 million) from a major project in Moharam Bek district, Alexandria.
HCCD’s newly-established real estate development firm will execute a hotel and administrative project in cooperation with a number of public-sector firms over 14,342 square metres from three years to four years, a source in HCCD said on Sunday.
The state-run companies are Hassan Allam, El Nasr Housing and Development, Maadi for Development and Reconstruction, and Heliopolis for Housing and Development, the official source further told Amwal Al Ghad.
“Hassan Allam owns the land plot,” he said, adding that the investment cost of the project is worth more than three billion pounds.
HCCD’s capital is estimated at around 240 million pounds, the source said.