Talaat Moustafa Group, one of Egypt’s largest real estate developers, says it plans to start launching a number of units in its fully-fledged urban project in the country’s new administrative capital within September 2018.
The project is established over 500 faddans in one phase, with total investments of around 35 billion Egyptian pounds ($2 billion), the company’s chairman Hesham Talaat Moustafa told Amwal Al Ghad on Monday.
Located some 40km (24.8 miles) to the east of Cairo, the under-construction new capital city will be a 270-square-mile hub with 21 residential districts to accommodate five million people.
The city is part of the government’s scheme to expand urban areas to deal with the country’s rapid population growth and improve the nation’s infrastructure.
It will feature 1,250 mosques and churches, a 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.