Egypt’s real estate developer firm Orientals for Urban Development (OUD) says it plans to start implementing a fully-fledged residential flagship in the state’s New Administrative Capital within the final quarter of 2018.
The company has obtained the project’s land plot that is spanning over 50 feddans, its chairman Asser Hamdy said Sunday, adding that the new project will include around 3,000 housing units.
“The project is being executed within three years, with total investments worth about five billion Egyptian pounds ($279 million),” Hamdy stated, referring that his company expects to attain the project’s licenses.
The Egyptian official clarified that OUD studies carrying out another residential and touristic flagship in North Coast resort, as part of the company’s scheme to diversify its investment portfolio, including the project’s nature and locations.
Located 40km (24.8 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s scheme to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city will be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches, a 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.
