Five contractors will start construction on the third district of the housing project in Al Asmarat that will replace informal settlements, according to Ahmed Taymour, Deputy Governor of Cairo, Amwal Elghad reported.
The project is funded by the Tahya Misr Fund and is set to be constructed on an area of 80 acres, where the third district costs EGP 500 million and will be finalized in 2017.
Atlas General Contracting and the Arab Contractors Company are among the five contractors that will participate in the construction of the project, stated Taymour.
The third district will include 7,440 housing units, as well as amenities such as sporting clubs, educational centers, and administrative buildings.
Around three schools were also built in Al Asmarat district that aim to service the new residents who will move in to the area, according to state-owned Al-Ahram.
Al Asmarat’s first and second districts were previously delivered in Moqattam, comprising a total of 11,000 housing units, with costs of EGP 2 billion.