By Mohamed Ahmed
The Arab Contractors Company has assigned the designs for establishing a residential city on an area of 101 acres (428,000 sqm) to the Engineers Consultants Group (ECG).
The residential units are part of the first phase of El-Mostakbal City project.
According to ECG Chairman Amr Allouba, the residential city will include 2,160 residential housing units, as well as 216 duplex units.
Allouba explained that the city will include commercial areas, a sports club, a medical complex, a mosque and a kindergarten centre. Therefore the total construction area of the project will amount to 2,115 sqm.
Chairman of Arab Contractors Company Mohammed Salah had estimated that the residential development of the city will cost approximately EGP 800m.
The Arab Contractors Company will handle construction and will use sub-contractors to complete the project within 24 months.
Meanwhile, the ECG will prepare the master plan and will acquire permits for the engineering designs of the project’s residential buildings, infrastructure and landscapes, said Allouba.
In addition to the 101 acres, the Arab Contractors Company has a 15% share in El-Mostakbal Urban Development Company, which owns the land of El-Mostakbal City. The remaining shares are distributed between the National Bank of Egypt (NBE), Banque Misr, National Investment Bank (NIB), as well as Misr Capital Investments.
The land of El-Mostakbal City was turned over to the three entities in return for delayed government dues of about EGP 1bn.