Egypt’s property developer Pyramids Real Estate says it started carrying out its first commercial, administrative, and medical mall project, Grand Square at the Central Business District (CBD) in the country’s new capital.
Sapping over 7,800 square metres, Grand Square is with investments estimated at 750 million Egyptian pounds ($41.8 million), Pyramids’ chairman Hesham El-Kholy said on Sunday.
“We plan to complete Grand Square Mall, which is our third project in the new capital, at the end of 2020,” El-Kholy said.
In March 2018, Egyptian Minister of Housing Moustafa Madbouly laid the foundation stone of a massive Central Business District (CBD) in the new capital’s first phase.
The new district, which is being carried out by China’s State Construction Engineering Corporation (CSCEC), will include 20 giant buildings and will be finalised at the end of 2020, with investment cost of $3.2 billion.
Around 25 banks have submitted offers to the state-run Administrative Capital for Urban Development (ACUD) to book various land plots in the new capital.
ACUD is the owner and developer for the new capital project, which is located 45km (28 miles) east of Cairo of on a total area of 170,000 feddans.
The company’s shareholders; Egyptian government’s New Urban Communities Authority (NUCA), National Service Products Organization (NSPO), and Armed Forces National Lands Projects Agency.
Located 45km (28 miles) east of Cairo, the anticipated new capital is part of the Egyptian government’s plan 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 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.
