Egyptian Hometown Real Estate Development says that it has launched its first commercial and administrative flagship in the state’s New Administrative Capital, with investments of one billion Egyptian pounds.
The new project is being implemented over 7,000 square metres in two phase, unveiled Hometown’s chairman Diaa El Din Farag on Sunday.
“The first phase will include three commercial floors on a space of 6,000 square metres and 40 commercial shops on a space ranging between 50 and 175 square metres,” Farag further added.
As for the second phase, the Egyptian official said that is set to comprise seven administrative floors over 14,000 square metres.
Diaa El Din Farag, Chairman of Egypt’s Hometown Real Estate Development
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 is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It is to feature 1,250 mosques and churches as well as 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.
