The Al-Shams Company for Housing and Development will inject EGP 300m investments throughout 2015 to develop the fourth and final phase of the Gardenia Compound Project in 6th of October City.
The project includes 85 buildings, according to Al-Shams CEO Mahmoud Maghawry.
Maghawry added that the amount will also be invested in other opportunities in partnership with the private sector or with the Ministry of Housing to build units for middle-income citizens.
“Al-Shams targets middle-income citizens in its projects, as it plans to achieve a net profit of more than EGP 40m by the end of 2015,” said Maghawry.
He noted that the company is currently implementing the fourth and final phase of the Gardenia Compound on an area of 120 acres in 6th of October City. It includes 85 buildings with 720 housing units, with every unit built on an area of 120-280 metres. The price of semi-finished units begins from EGP 3,200.
Maghawry confirmed that construction work in the project will be completed in June 2016. The Al-Shams Company finalised the building and marketing of about 80% of the units for the first three phases that have a total of 350 buildings.