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Egypt's New City Developments (NCD) will deliver Phase 1 of its 2.5 billion Egyptian pound ($16 million) Eco West mixed-use project, located in 6th of October City, in 2024, the company CEO said.
Ramy Youssef told Zawya Projects that NCD has signed a 270- million-pound ($1.7 million) contract with Saudi Al Hazek Construction to start Phase 1 construction works.
El Hazek is currently involved in the construction of New Administrative Capital’s Fairmont Hotel with CSCEC.
Phase 1 comprises of 14 buildings with 530 residential units.
Youssef said Lebanon-based Rachid Karam Architects has designed the development which will feature modern, smart spaces inspired by European and Japanese architecture.
"We believe Eco West would help address the middle-class housing gap challenge in Egypt," said Youssef. “As the middle class represents 35 percent of the population, there is a high need for such projects at present.”
The four-phase project will comprise of 3,804 residential, commercial and office units.
NCD currently holds a land bank of 825 acres in 6th of October out of which 120 acres are being developed for Eco West. The company is working on the launch of Phase 2 of Qena Gardens, the first gated community in Upper Egypt’s Qena, in the first quarter of 2022.
(1 US Dollar = 15.71 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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