Egypt’s Hometown Real Estate Development announced on Thursday that it has launched its first commercial and administrative flagship in the country’s new administrative capital.
Named Zaha, the project will be implemented over 7,000 square metres in two phases by early 2019, with investments of one billion Egyptian pounds ($56.1 million), Hometown’s sales head Ahmed Mostafa told Amwal Al Ghad on Thursday.
“The first phase is to include three commercial floors on a total space of 6,000 square metres and 40 commercial shops, with spaces ranging between 50 and 175 square metres,” Mostafa said.
As for the second phase, it will encompass seven floors, with spaces totalling 14,000 square metres, he added.
Located 45km (27.9 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new capital is set to 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.
