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Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.
Future Homes Development has partnered with El Nasr Housing and Development Company, a subsidiary of the state-owned Holding Company for Construction and Development (HCCD), to develop a residential compound in Zahraa Al-Maadi, South Cairo with a total investment of 250 million pounds ($16 million).
El Nasr will provide the land, a 9,000 square metre plot, while Future Homes will develop a 15-building, 300-unit compound
"The project will be completed by 2024. We also intend to deliver our Verona and Future Heights compounds at the same time," said Mohamed Mounir, Chairman of Future Homes Development.
He told Zawya Projects that the company is targeting 900 million pounds ($57 million) in sales revenue from the three projects.
In October 2020, Zawya Projects had reported that the company has launched the third phases of Future Heights and Verona Heights projects.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(1US Dollar = 15.68 Egyptian pounds)
(anoop.menon@refinitiv.com)
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