The Ministry of Housing plans to develop 10,000 units in the New Alamein City during next month, reported Invest Gate.
About 5,000 units will be developed by the ministry, and the remaining 5,000 will be executed by the Armed Forces Engineering Authority. Two companies, the Arab Contractors Co. and Mokhtar Ibrahim, will provide utilities for the urgent phase for a cost of EGP 1.5 billion.
“The New Alamein City will represent a new model for Egyptian coastal cities, providing a solid diverse economic basis. It will incorporate activities such as tourism, agriculture, industry, trade, and scientific research, ” said Minister of Housing Mostafa Madbouly.
There are numerous investment opportunities available in the first phase, which includes the exhibition grounds, an entertainment district, an international rehabilitation center, hotels, a university, and regional service center, added Madbouly.
The Ministry of Housing also plans to build “free housing” units in the city, said Mohamed Saif Al Nasr, Deputy Head of the New Urban Communities Authority (NUCA) for residential projects affairs.
The “free housing” units will be offered to individuals without any requirements, added Saif Al-Nasr.
“The ministry has given instructions to NUCA to oversee the construction of units with areas between 90 to 110 meters, to be presented to individuals next year,” Saif Al-Nasr told Invest Gate.
The requirements are comparatively easier than those of the project for one million units for the low-income earners and the “Dar Misr” project for middle-income housing, Saif Al-Nasr explained.
The unit price will range between EGP 300,000 to EGP 400,00. The ministry will ensure that the unit’s locations are favorable and built near the coast of New Alamein City to attract residents.