Ardic for Real Estate Development has sold a total of 600 out of 1,800 units in its Zizinia project in New Cairo, and is studying increasing the EGP 8,000 price per meter square as a result of the recent economic decisions, reported Al Borsa.
The company has finalized tenders to be assigned to three contractors, and is awaiting the stabilization of currency exchange rates to declare the new prices, stated Board Member of Ardic, Ashraf Deweida.
At a total of EGP 834 mn, Ardic has assigned construction work to three major contractors, including Al Tabark for Engineering & Contracting for EGP 374 mn, Alpha Construction for EGP 340 mn, and El Huda Contracting Company for EGP 120 mn to execute the 70-acre-project.
Zizinia’s residential units range from 140 square meters to 400 square meters. Currently, only 20% of its first phase is built, and delivery is expected by the end of 2019. Zizinia is anticipated to value at EGP 3 bn once completed within the next four years.