Egypt’s state-owned El Shams for Housing and Development announced that it is studying to execute a new project in Sixth of October City, in partnership with one of the real estate developers.
Spanning over 11,000 square metres, the new project will include 21 residential buildings as well as a number of commercial and health services, the company’s chairman Mahmoud Maghawry said on Thursday.
“We sold 90 land plots on spaces of around 500,000 square metres in Sixth of October City during the last period,” Maghawry added.
The company is planning to complete the construction works of the final phases of its residential flagship, Gardenia Compound in Sixth of October City within next December, within an investment cost of 1.5 billion Egyptian pounds ($83.7 million), he said.
“We have sold 80 percent of Gardenia, which is being carried out in four construction phases,” Maghawry said.
Also, El Shams is looking to start executing the construction works of its new project in the country’s new administrative capital, 45km (28 miles) east of Cairo, on a space of more than 40 feddans before the end of this year, Maghawry said.
This project is to be marketed by early 2019 after implementing the anticipated initial construction works within the next two months, he said.
