NUCA assigns companies to develop residential complex behind New Alamein towers
Egypt’s New Urban Communities Authority mandates number of leading construction and real estate development companies to start developing a residential complex behind the New Alamein towers.
The new area is planned to include the biggest residential complex facing the lakes directly, in addition to establishing a huge marina for yachts, sources told Amwal Al Ghad.
The sources further noted that one of the leading real estate development companies has received an official letter from NUCA to start developing the residential region during 2019 and has already received its assigned plot land in the project’s site.
He pointed out that the talks is currently under way with five leading construction companies, as well as other companies working in the urban development sector, in addition it is scheduled that the procedures regarding each company share in the project will complete within the current period.
He also added that the region will witness huge investments during the coming period and it is expected that project will be developed over ten years.
Egypt is planning to establish nine major towers in New Alamein City is worth 5.5 billion Egyptian pounds ($312 million). In March 2018, Egypt’s President Abdel Fattah al-Sisi inaugurated New Alamein City, northwest of Cairo, on a space of 48,000 feddans, at a cost worth 2 billion Egyptian pounds ($111,7 million).
New Alamein is one of the fourth generation cities being built in Egypt in some of the most up-to-date architectural styles, and is scheduled to be finalised in one-year timeframe.
The city is planned to have universities and schools as well as various services and tourist activities. It is expected to accommodate 400,000 populations.