The Arab Company for Urban Investment, one of the Talaat Mustafa Group Holding, buys 5,000 acres from New Urban Communities Authority (NUCA) for the development of Capital Gardens, Invest-Gate reports.
According to the agreement, the Arab Urban Investment Company is to develop Capital Gardens on an area of 5,000 acres to be a fully-integrated urban project on Suez Road.
50% of the project land is dedicated to housing. It includes buildings and villas ranging from 45% to 50% of the housing area, various public services at 4% of the total area of the project such as fire stations, post offices, police points, private and international schools, international hospitals, and clubs with percentages ranging from 8 to 12%.
Furthermore, it includes various facilities on an area of nearly 6000 acres and green spaces of approximately 4,000 acres.
The company aims to establish an integrated urban project, with residential areas (apartments and villas) and a group of integrated educational, medical, commercial, administrative, tourism and entertainment services, at an investment cost of the project estimated at EGP 500 bn, the statement reads.
“This project will provide about three and a half million direct and indirect job opportunities and will accommodate about 600,000 people, by the establishment of about 140,0000 housing units”, Group CEO Hisham Talaat Mostafa says.
The signing agreement between Arab Company for Urban Investment and New Urban Communities Authority (NUCA) was in the presence of Prime Minister Mostafa Madbouly and Minister of Housing, Utilities, and Urban Communities Assem El Gazzar. The contract was signed by Ahmed Saeed Ali, Vice President of the New Urban Communities Authority for the Financial and Administrative Affairs Sector, and Talaat Moustafa Group (TMG) Holding CEO Hisham Talaat Moustafa.