Egypt’s property developer Orientals for Urban Development (OUD), an affiliate to Oriental Weavers, says it will launch its first project in the country’s new administrative capital within two weeks.
Named J’noub, the new city will be carried out over 50 feddans in four phases within a three-year timeframe, OUD’s managing owner Mohamed Farid Khamis said Wednesday.
The project will include 1,900 various housing units that will encompass villas, townhouses, and apartments as well as services and sports services, Khamis added.
“OUD targets contractual sales estimated at 1.4 billion pounds from J’noub within this year.” Khamis said.
“We will soon obtain the ministerial approval on the project,” he said.
Khamis said the investment in the new capital is one of OUD’s expansion plansm, aiming to diversify its investment portfolio.
Moreover, Khamis announced that OUD has started carrying out Heliopolis Hills flagship in Obour City, 35km (21.7 miles) northeast of Cairo, with investments of 350 million pounds.
“We have marketed 95 percent of Heliopolis Hills that is to comprise 164 villas, on a total space of 18 feddans,” he stated, referring that his company also seeks to deliver this project within the first quarter of 2020.
As for the new capital, the anticipated city is part of the Egyptian government’s plan to expand urban areas to deal with the country’s rapid population growth and improve the nation’s infrastructure.
The city will feature 1,250 mosques and churches, a 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.
