Ramy Fares Company for Construction Development (RFCO) has announced the launch of the third phase of its project, IL Mondo, New Administrative Capital (NAC), with expected sales surpassing EGP 2 bn, Invest-Gate reports.

RFCO’s Chairman Ramy Fares revealed that the project’s investment cost amounts to EGP 1.6 bn, noting that IL Mondo is being self-financed so far, he stated at a press conference held on January 29.

He elaborated that the company is considering a number of offers by Egyptian banks to fund the project, while also receiving other offers from Arab investors to collaborate with the company on the project’s implementation, confirming that all submitted offers are still under study.

Spanning across 97,000 square meters, IL Mondo comprises a total of 960 units, with spaces varying between 85 and 250 square meters, Fares underlined, pointing out that RFCO has so far managed to sell 45% of the project’s units before completing its designs – at a total cost of EGP 800 mn.

“The project is being built on a built-up area that covers 18% of the project’s size and the remaining area will be allocated for green areas and landscaping … We plan to begin the project’s implementation within three months,” Fares said, confirming that the company has already obtained a ministerial approval for the project.

He pointed out that NAC is a good opportunity for investing in the real estate sector, revealing that the company studies developing further projects in either Ain Sokhna or North Coast.

RFCO has launched in the previous period a community initiative dubbed “Ebny Shaetak,” which has developed 17 projects offered at up to 40% lower than the market prices.