United Housing to Launch Project worth EGP 4.5bln at Alex

United Housing and Development said it signed an agreement with Sabbour Consulting to structure 100 acres of land at Alexandria, to establish an integrated residential city.
The new project investment cost expected to stand at around EGP 4.5 billion including the land’s value, while sales proceeds expected to reach EGP 10 billion.
United Housing is 7.8% owned by Pioneers Holding for Financial Investment.
The property developer posted EGP 4.4 million net profits in Q1-FY14, with decline by 13% compared with EGP 5 million in the same period a year earlier.