Ramy Fares Company for Construction Development (RFCO) has announced a 30% increase in the unit prices of its New Administrative Capital (NAC) project, IL Mondo, Invest-Gate reports

In this regard, the price per square meter will hike from the current EGP 10,850 to EGP 14,000, according to an official statement by RFCO, noting that an official letter was sent to all its brokers with the new increase, effective as of July 9.

In February, the company announced the launch of the third phase of its project, IL Mondo, with expected sales surpassing EGP 2 bn. Also, RFCO’s Chairman Ramy Fares revealed earlier that the project’s investment cost amounts to EGP 1.6 bn, noting that it has been self-financed so far, he stated at a press conference on January 29.

Spanning across 97,000 square meters in east Cairo, IL Mondo comprises a total of 960 units, with areas varying between 85 and 250 square meters.