Egypt’s state-run General Construction Company- Rolin says it plans to launch two real estate and residential flagships within 2018, with expected investments of around 400 million Egyptian pounds ($22.6 million).
This comes as part of the company’s scheme to expand its business volume in real estate investment activity, managing director Fathy Sayed said Wednesday.
As for the first project, Fathy added that it will be executed in Nasr City district, east of Cairo, on a space of about 10,000 square metres and it will include major residential buildings.
The official said the state’s Arab Bureau for Design and Technical Consultation, affiliated to Construction Company for Construction and Development (HCCD), is currently in charge of the engineering designs of the first project.
“The company (Rolin) studies carrying out a bunch of administrative units in this project within the upcoming period,” he noted.
As for the second project, Fathy referred that Rolin has signed a contract with a consulting office to implement the designs works of the project that is set to be established over 7,800 square metres in North Cairo district of Sharabiya.
“The second project is to encompass residential towers,” Fathy stated.
Fathy clarified that his company also hopes to achieve returns worth one billion pounds from the investment in the real estate sector within the next years.