Construction on a 28.3ha residential development in Egypt’s new administrative capital will begin before year-end, its developer, Saudi-Egyptian Construction Company (Secon) confirmed to regional media.
Speaking to Daily News Egypt on the Blue Vert project, Darwish Hasanen, chief executive officer of Secon, said: “Before the end of 2018, we will start construction. The process will take four years [in] three phases.”
He told the news outlet he was unable to reveal prices for units at the development, 70% of which is residential buildings and 30% is residential villas. However, Hasanen said Secon will start offering units for sale “within the next couple of weeks”.
Established in 1975, Secon is one of Egypt’s best-known developers, and is equally divided between the governments of Saudi Arabia and Egypt, according to the report.
Having completed nearly 40 projects to date, as the Egyptian news outlet reported, Secon was awarded Blue Vert’s land plot on 9 March, 2017.
The development will comprise 60 residential buildings, offering 1,840 fully finished apartments, alongside 98 villas, divided as townhouses, twin houses, and standalone units.
The news come three years after a memorandum of understanding was signed in 2015 between UAE-based Capital City Planners and Egypt’s government to build a new city that can accommodate a population of five million.
It will be developed on a land area of around 700km2 – around 12 times the size of Manhattan Island – and be located between Cairo and the Red Sea.