The Armed Forces Engineering Authority have started implementing a mosque and a church, Saint Mark’s Cathedral, in the new Administrative Capital City at a total investment cost of EGP 400 mn, Al Borsa reported.
Following President Abdel Fattah El Sisi’s speech during the Christmas celebration at Abassiya’s Saint Mark’s Cathedral, the Armed Forces Engineering Authority has ordered contractors to finalize the church and the mosque by the end of November 2017. President Sisi is to donate EGP 100,000 to help deliver both buildings on time.
Several projects within the New Capital have been assigned to Arab Contractors, Orascom Construction, and Adly Ayoub for Contracting; and around 3,130 acres of lands within the city will include a residential neighborhood, Mohamed Bin Zayed residential community, and the ministries’ headquarters.
On another note, the Administrative Capital for Urban Development has been, lately, discussing the pricing of lands in the first phase of the project, following the many complaints received from developers regarding the possibility of decreasing the costs of the lands to less than EGP 3,000 per square meter in efforts to build residential projects. Developers are currently negotiating partnering with the Administrative Capital for Urban Development Company as a contribution to a lesser cost, Al Borsa previously stated.