Up to 70% of El-Mostakbal City provides ample opportunities for developers, chairman
El-Mostakbal City, planned to be built on 11,000 acres in Egypt’s New Cairo, still provides investment opportunities for up to 70% of its total area, according to chairman of El-Mostakbal for Urban Development Eng. Esam Nasif.
“El-Mostakbal City, with a capacity for 1.25 million residents, will absorb only 300,000 dwellers in the first phase,” said he in an interview with Osoul Misr Magazine.
Land prices in the city that is 45-minutes away from Ein Sokhna and a few kilometers away from the New Administrative Capital hiked six times, up from those prevalent in 2014 when lands were first offered for sale, reflecting rapid surge in demand for investments in the city, he noted.
While declining to re-evaluate land prices in 2019, the company expects prices to see modest increases in 2020, he elaborated.
“ The city will be smart in regard to the advanced technical control systems enabling residents to communicate with each other via mobile phones and to be informed about public transports schedule and dates of arrival.”
Also, a state-of-the-art control system will monitor street lights, volume of water used in irrigating gardens and green areas. Additionally, smart water & electricity meters will be deployed for public use.
To secure the timely fulfillment of residents needs as well as coherence, El-Mostakbal City, exercising its role as a general developer, “has set forth rules and criteria regarding how services are carried out.”
“ While prioritizing the completion of the first phase of El-Mostakbal City, the company has entered into agreements with leading contracting companies to install utilities and set up infrastructure on the first phase’s 1500 acres at EGP3.5bn costs.”
The city’s first suburb, built on 500 feddans and due to be opened for first residents mid-2020, is just a part of its first phase which is built on 1500 feddans and includes projects such as Green Square, L’avenir and Zizinia El-Mostakbal.
