04 April 2019
Egypt's SAK Developments is planning to issue the main construction tender for its Sueno residential compound in the New Administrative Capital in the second quarter, a top company official said.

Board Member Mohanad Samih told Thomson Reuters Projects last week that the company plans to issue the main tender for Sueno in April.

He said the company has obtained ministerial approvals for the project and is completing construction permits.

Samih said the 12-building project would be developed on 11-acres of land in the new capital's R7 area at a cost of one billion Egyptian pounds ($57.7 million).

"Construction is scheduled to start in 2019 and would be completed over a three-year period," he said.

The SAK official said the company is preparing to start construction of a commercial project Elite in the new capital at a cost of 400 million pounds ($23 million). The project would be developed in partnership with local firm Landmark for Real Estate Investments, he added.

He said Elite would be developed in partnership with locak firm Landmark for Real Estate Investments.

(1 US Dollar = 17.34 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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