Egypt’s El Mostakbal for Urban Development will announce results of the auction for the sale of six land plots in its Mostakbal City project after Eid al-Adha, according to its chairman.
“We have chosen three developers as the winners so far to develop residential parts in the second phase of the (Mostakbal City) project at total areas of 300 feddans.” Chairman of El-Mostakbal for Urban Development Essam Nassif told Amwal Al Ghad on Thursday.
As for the rest of the six land plots, Nassif said El Mostakbal was still studying offers of local and foreign property developers.
In February, El Mostakbal for Urban Development issued a call to tender for the sale of approximately 600 feddans in the second phase of its Mostakbal City project.
El Mostakbal for Urban Development is the general developer of the Future City project with a total area of 11,000 feddans at the east extension of New Cairo.
The area is divided into 6,000 feddans dedicated for residential units and 2,500 acres allocated for service projects such as education facilities, health services, chalets, administrative, commercial, and entertainment units, as well as 2,500 acres of roads and green spaces.
El Mostakbal is the master developer of Mostakbal City, in charge of preparing the master plan, urban planning, and design guidelines for the whole project, securing the governmental approvals, and implementing the main roads network along with main infrastructure networks. The company is set to incorporate sub-developers to be responsible for developing the different areas of the project according to the approved master plan and urban planning, and design guidelines.
Founded in 2006, El Mostakbal for Urban Development is an Egyptian incorporated company in which major state-run banks and construction firm are main shareholders; Banque Misr, National Investment Bank, National Bank of Egypt, and Arab Contractors.
