Egyptian Remco Tourism Villages Construction Company says it is targeting contractual sales of 3 billion Egyptian pounds ($167.5 million) from launching its flagship Stella Park in the country’s new administrative capital.
Remco had earlier achieved sales by 50 percent from the new residential project over 100,000 square metres, with investments worth 2 billion pounds, its vice chairman and investor relations manager Onsi Youssef said on Monday.
“We are currently executing the first phase, at a construction cost of 500 million pounds,” Youssef said, adding that Stella Park will include 1,668 housing units and will be completely delivered within 2022.
Located 45km (28 miles) east of Cairo, the under construction city 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 center, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.
