Egypt’s New Urban Communities Authority (NUCA) and the UAE’s UDC, real estate development company, signed a contract to develop an area of 665,505.63m2 of land in Cairo, as reported by the cabinet on Wednesday.
The land plot is situated close to the Andalusia Gardens district, adjacent to the Amal Triangle in New Cairo. The decision has been made to pay for the land in a foreign currency, with a total investment of over 60 billion Egyptian pounds.
UDC will collaborate with Il Cazar company to develop The Crest project, which seeks to create an integrated urban community encompassing residential, administrative, recreational, commercial, and hotel amenities.
The project will be implemented over an 8-year period as of date of issuance of the required permits. It will be a luxury urban community on par with other projects implemented by the developed worldwide and will be promoted both domestically and internationally , the statement added.
UDC was established in Dubai in a partnership with Mohamed Omar Bin Hider Holding Group to develop new innovative ideas and introduce concepts that provide unique solutions to the clients.
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