Egypt’s Misr Engineering Development Company (MEDCOM) targets developing 18 residential buildings in favor of leading property Palm Hills Developments in New Cairo, MEDCOM’s chairman Moataz Mahmoud said Sunday.
Speaking to Amwal Al Ghad, Mahmoud stated that the total cost of the development would reach up to 160 million Egyptian pounds ($8.5 million).
The Egyptian official further added that his company signed a contract in November 2016 to carry out 18 housing buildings which include 96 units with different spaces.
MEDCOM is set to complete development of these buildings and delivering them by May 2018, referred Mahmoud.
“We have completed five percent of the works with cost worth 80 million pounds,” he added.
The company is currently executing a number of additional mega housing projects in favor of real estate developers in New Cairo for above middle-income citizens.