Egyptian Real Estate Developer Moukhtar Ibrahim is to set foot into the new Administrative Capital with six residential buildings at a total cost of EGP 75mn, reported Amwal El Ghad.

Deputy Chairman Mohamed El Khatib confirms that the company is to deliver the residential buildings in a year, according to Amwal El Ghad.

According to the chairman, the company is partnering with five other contractors to build the residential units, facilities, infrastructure, and roads  in the Capital’s third district at a total cost of EGP 1 bn.

Moukhtar Ibrahim is currently implementing rural sanitation projects and water networks within the first phase of the new capital at a total cost of EGP 200 mn and carrying out 20% of the total infrastructure projects in the capital.

The Ministry of Housing, Utilities, and Urban Communities has stated earlier that it will be offering 2,500 acres of new lands to investors in January.

Also, it has contracted China Fortune Land Development (CFLD) to develop 14,000 acres of land in the city on three phases. At a total cost of $ 5 bn, around 10 Km of lands will be developed and finalized in 2018 and the rest will be completed in 2020, Invest-Gate previously reported.