The New Urban Communities Authority (NUCA) allocated 1,100 residential units to be constructed by International Construction for Contracting and El Shark Real Estate, as part of the second phase of the social housing project located in the Gulf of Suez City, Al Borsa reported.
NUCA signed development contracts worth EGP 135 mn with the two companies.
International Construction for Contracting will build 600 residential units at a cost of EGP 90 mn, with construction expected to start next month.
Meanwhile, El Shark Real Estate will build 500 residential units for the project at a cost of EGP 45 mn. The units are expected to be completed in 2019, according to Sameh Mohamed, head of the Gulf of Suez Authority.
The authority has already leveled the lands for the project, which will be built on 44 acres and allocated over 17 land plots, added Mohamed.
The main road within the city is expected to be developed by the Arab Contractors Company at a cost of EGP 22 mn. Road work will take 10 months to complete.