New Fayoum City will be offering a tender to engineering consulting companies for plans to develop 800 acres of land located within the city next month, reported Al Borsa.
The works that are expected to be commenced on the lands include creating a master plan, designing a facilities network and basic foundations, that will all be implemented and finalized within 12 months, according to Ashraf Abdelrahman, Head of the New Fayoum Authority.
Approximately 80% of the expansion being implemented within the city is expected to include social housing projects that will offered in an upcoming tender during the next fiscal year.
The authority has sought approval from the Ministry of Defense to increase the height of the buildings being constructed.
The authority has recorded a total budget of EGP 330.8 mn for this fiscal year, whereby EGP 47.2 mn will be allocated to facilities, EGP 191.6 mn for housing projects, and EGP 92.1 mn will be allocated for basic foundations, according to Abdelrahman.
The Ministry of Housing, Utilities, and Urban Communities plans to offer residential units to 50,000 citizens through the next five years. The city has implemented developments worth EGP 500 mn since the city was first developed.