The first phase of the residential project I-City is to be launched in 6th of October City, Invest-Gate reports.
The project is worth over EGP 50 bn and spans an area of 500 feddans. It is part of a partnership between New Urban Communities Authority (NUCA), Mountain View, and Saudi Sisban Holdings.
Approximately 80% of the project contains residential units while the remaining 20% is for multi-purpose use.
I-City October comprises various types of residential projects, public services, commercial areas, entertainment and educational areas, and greenery, according to a released statement.
“This is a great start for partnership projects between private developers and NUCA. The public-private partnership will contribute to boosting real estate investments and developments,” Minister of Housing Mostafa Madbouly says.
I-City New Cairo is one of the many projects NUCA has launched with private developers following agreements signed in 2015.
According to the agreements, NUCA provides developers with land plots through feasible payment terms and methods in return for acquiring a certain share from the sales of the units.
“Implementing these projects is based on modern ideas of constructing a sustainable integrated community offering a variety of homes such as duplexes, residential buildings, and villas,” adds Madbouly.