By Menna Zaki
About 25,000 additional government-subsidised residential units will be ready to rent by 30 June, the Ministry of Housing announced Saturday.
While inspecting a construction site in 10th of Ramadan city, Minister of Housing, Utilities and Urban Development Mostafa Madbouly said the cabinet has approved rental terms for the residential units, according to a ministry statement. The Ministry of Housing “will soon announce the procedures that should be undertaken to rent the residential units”.
Madbouly said 8,700 units are finished, 6,000 of which will be on the market soon.
He also stressed the importance of connecting the residential units to services, such as sanitation, which will cost around EGP 1bn.
The Ministry of Housing is working on a number of other projects across Egypt, bringing the total of number of residential units scheduled to be completed this year to more than 150,000.
The ministry is cooperating with the Central Bank of Egypt, for example, to construct a low-middle income housing project that comprised 8,000 housing unit, which is also projected to be completed by 30 June. The government has also resumed construction on a 17,232 unit complex in Ismailia, after it was halted several years ago due to the unavailability of funds.
Over the next five years, Minister of Defence Field Marshal Abdel Fattah Al-Sisi said the government plans to build one million residential units for low-income Egyptian youth. The project will be a joint operation between the Emirati construction company and the Egyptian armed forces.