12 May 2019
Egyptian developer Akam Developments is planning to develop residential and mixed-use projects in the New Administrative Capital, a company executive has said.
Sales director Mohamed Amer told Thomson Reuters Projects that the company is awaiting ministerial approvals for a new residential project, which would be developed over an area of 39 acres at a cost of 4.5 billion Egyptian pounds ($263 million).
Meanwhile, the company has obtained ministerial approvals for its first residential project in the new capital, Scenario, launched last year.
"We received four bids for the construction tender and plan to award the contract soon," he said.
In November last year, Thomson Reuters Projects had reported that site preparation work for the 1,568-unit project would start in March 2019.
Amer also disclosed that the developer is studying a new mixed-use project in the new capital's Green River area. The four-tower project would feature residential, commercial and hotel units, he said, adding that the company is negotiating for the project with master developer Administrative Capital for Urban Development (ACUD).
Akam was established in early 2018 as a joint venture between Saudi engineering consultancy Al-Muhaid Group and local firms Faisal Islamic Bank, Benayat for Real Estate Investment and Residence Real Estate Development Company.
(1 US Dollar = 17.12 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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