Egypt’s property developer, Wadi Degla Holding is in talks with Ministry Of Housing to provide lands of 2500 feddans for new housing projects using public-partner partnership (PPP) system, its chairman Maged Helmy said Thursday.
Helmy told Amwal Al Ghad that his company aims to increase its portofolio of lands that currently registers 6.5 million m2.
Lately, a partnership has been created between public real estate companies and private property developers to implement projects on lands owned by the state.
PPP system is defined as “a long-term contract between a private party and a government entity, for providing a public asset or service, in which the private party bears significant risk and management responsibility, and remuneration is linked to performance”.
However, PPPs typically do not include service contracts or turnkey construction contracts, which are categorized as public procurement projects or the privatization of utilities where there is a limited ongoing role for the public sector.
On the other hand, Wadi Degla is working on launching two new projects during the current year , notably a project in the Fifth Settelment (Tagamou El Khames) which would stretch over 139.000 m2 tailored to establish 995 residential units and another project in Ain Sukhna that would include 1500 residential units.