Egypt’s Maadi for Development and Reconstruction plans to finalise the first phase of its residential project Maadi View in El Shorouk City within two years, according to an official source.
The first phase will be developed at a cost of 400 million Egyptian pounds ($23.9 million), the source in one of the construction companies affiliated to the Holding Co. for Construction and Development (HCCD) said on Thursday.
“The construction works are being executed by four state-owned contractors; Al-Abd, Rolin, Atlas General Contracting and Real Estate Investments, and Misr Concrete Development,” he said.
The first phase will include around 800 housing units, the source said, adding that the four contractors are responsible for carrying out the utilities works of the project’s residential buildings.
As for Maadi View, it is one of Maadi Company’s biggest projects in El Shorouk City to be established on a space of 136 faddans in five phases. The project is with investments approaching 5 billion pounds.
Maadi Co. has signed a contract with the state-run real estate marketing firm, Real Mark to promote the project’s first phase.
