Egypt’s property developer, Misr Italia Group, and the Saudi Egyptian Construction Company (SECON) have purchased land plots at the New Administrative Capital spanning an area of 200 and 70 feddans respectively, Invest-Gate reports.
Misr Italia has signed a contract to purchase the land plot EGP 2.06 bn ( EGP 113.8 mn), according to Reuters. The property developer says it has paid EGP 310 mn thus far.
“Misr Italia’s project comes in line with the Egyptian government’s plans to make urban expansions into East Cairo area,” says Chief Executive of Misr Italia Mohamed El Assal.
“We are keen on launching more real estate projects to revive the sector, through boosting the national production,” he adds.
Chairman of SECON Darwish Hassanein says, “The company will use the land to develop residential, commercial and office spaces.”
Egypt’s plan to build a new city 45 km (28 miles) east of Cairo was announced in March 2015 at a Sharm al-Sheikh summit held to attract foreign investors, who had pulled back from the country after the 2011 revolt against the government.