Hometown markets phase I of its work debut in Egypt new capital

Egypt’s Hometown Real Estate Development has marketed the first phase of its first commercial and administrative flagship; Zaha Park in the country’s new capital, chairman said on Sunday.

“We had sold the first phase, which represents 20 percent of the project, in only two months with sales totalling 250 million Egyptian pounds ($15.1 million),” Diaa El Din Farag said.

The first phase includes 71 administrative and commercial units as well as three commercial floors with spaces totalling 6,400 square metres, Farag added.

“The second phase will be launched at the end of the current month,” he said, adding that it encompasses seven medical floors with spaces ranging between 35 square metres and 200 square metres.

As for Zaha Park, the project is being implemented on a space of 7,000 square metres in two phases, with investments estimated at 1 billion pounds.

Located 45km (27.9 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.

The new capital is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches, a 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.