Master Builders posts EGP 500mn contractual sales from Pukka New Capital

Egypt’s Master Builders Group (MBG) says it has achieved contractual sales of 500 million Egyptian pounds ($28.1 million) from marketing 25 percent of Pukka project’s units in the state’s New Administrative Capital.

The real estate developer company’s newest residential flagship is being carried out on a space of 50 faddans within a timeframe of four years, said chairman Mahmoud Al Adl on Saturday.

“The project will include around 48 residential buildings, with total 1,500 housing units, with spaces ranging between 102 square metres and 227 square metres,” Al Adl further added.

Located 40km (24.8 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s scheme to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.

The new city will 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 center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.