Egypt’s Master Builders Group (MBG) says it seeks to launch its second residential project – Pukka II Compound – in the country’s new administrative capital within next September.
The project, which will be with target sales of 6 billion Egyptian pounds ($379.9 million), comes as part of the firm’s current plan to expand its investments in the real estate market, announced chairman Mahmoud Al Adl on Monday.
“The project includes more than 400 villas on a space of around 50 feddans,” Al Adl said.
Located 45km (28 miles) east of Cairo over 170,000 feddans, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the rapid population growth and improve the nation’s infrastructure.
The large-scale project will be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.
