Three Egyptian major construction companies were selected to develop a housing complex in New Alamein City, northwest of Cairo, an official source said on Monday.
The companies are Egypt’s largest listed real estate developer Talaat Moustafa, Petrojet, and Wadi El Nile for Contracting and Real Estate Investments, the source from one of these firms told Amwal Al Ghad.
“The project is spanning over 800 feddans, with investments approaching 15 billion Egyptian pounds ($921 million),” he said.
The complex will include a large number of housing units and villas as well as services, commercial, and hotel flagships, with expected investments ranging between 12 billion pounds and 15 billion pounds, the source added.
“The companies are expected to hand over some concrete works within a timeframe of one year and a half,” the source said.
Last March, Egyptian President Abdel Fattah al-Sisi inaugurated New Alamein on a space of 48,000 feddans, at a cost worth 2 billion Egyptian pounds ($123 million).
New Alamein is one of the fourth generation cities being built in Egypt in some of the most up-to-date architectural styles, and is scheduled to be finalised in one-year timeframe.
The anticipated city is planned to have universities and schools as well as various services and tourist activities. It is expected to accommodate 400,000 populations.
