Egypt’s Samcrete Engineers & Contractors (SMCS) has announced Tuesday that it completed its designs for Pyramids Heights Residences project based on 600,000 square metres in west Cairo.
Pyramids Heights project includes 600 housing units at 140 metres above the sea, with investments worth 1.2 billion Egyptian pounds ($135.2 billion) and expected revenues of 2 billion pounds.
Hisham El-Kheshen, CEO of SMCS, has said that Pyramids Heights is an integrated project which consists of two parts a business complex and residential.
Spanning over 211,000 square metres involving ten buildings and 12 local as well as international firms operating, the business complex was already finished in 2000, he added.
As for the residential part, Samcrete plans to start delivering its 600 units within the first quarter of 2020, El-Kheshen said.
He further stated that his company has cooperated with a number of distinct partners and international consultants in the field of real estate and urban development to implement this project.
Pyramids Heights Residence is a unique project which represents an initial step for Samcrete to expand into establishing other projects in the west and east of Cairo, the chairman said.
El-Kheshan confirmed that the real estate sector is no longer the only safe source for investment flows and private saving for people.
The sector has the capacity to accommodate a large number of manpower at different standards like infrastructure, roads, power, and other supporting industries to urban development sector.
The growing demand is one of the factors that empower the Egyptian real estate industry, El-Kheshen referred.