ARDIC for Real Estate and Investment Development is to invest EGP 500 mn to complete construction works for the first phase of Zizinia El Mostakbal project that spreads on 70 acres in New Cairo, reported Al Mal.
The three hired contractors, Alpha Construction, ِAl Tabarak for Engineering & Contracting, and El Huda Contracting Co, started digging in November and expect to finish the basic foundation at the beginning of 2017, according to Board Member of ARDIC Ashraf Dweidar.
The total project cost is estimated at EGP 2 bn, while the first phase is expected to be delivered by 2019, comprising 1,800 residential units with floor plans starting from 140 square meters.
ARDIC has plans to expand its developments in Upper Egypt next year as it will invest in residential and public services projects. It also has plans to increase unit prices in the upcoming period due to the pound’s flotation.
Deweidar has previously mentioned that the investment costs in Zizina El Mostakbal have increased to EGP 2 bn. The company targets to reach EGP 3 bn for the project, stated Al Borsa earlier this month.