The slums surrounding Maspero - Maspero Triangle Development Association
CAIRO – 15 December 2018: The construction of residential towers in the Maspiro Triangle area began, as assigned firms have started the digging process, announced the Deputy Cairo Governor Major General Ibrahim Abdel Hady on Saturday.
The Maspiro triangle project, which will also include recreational areas and commercial zones, is set to be finalized within three years. More companies are expected to be involved in the execution of the project to speed up the implementation and shorten the due period.
The 30-storey residential towers will be executed as a mini-image of Dubai towers. Maspiro Triangle will have hotels, touristic places facing the Nile River, in addition to a recreational area worth 10 billion ($556.9 million).
Prime Minister and Minister of Housing, Utilities and Urban Communities, Mostafa Madbouly, witnessed on July 9 the signing ceremony of two cooperation protocols between Cairo governorate and the new Urban Communities Authority.
The agreements aim to transfer the ownership of a 5.5-feddan area in Maspero Triangle to the authority to build new housing units and provide the necessary services for the residents.
Maspero triangle’s residents were asked to choose between financial compensation, relocation to Asmarat or to remain in their homes until development finished. Ten percent chose to more to Asmarat and another 10 percent to remain in their place until development works are finished. Eighty percent chose to receive financial compensation.
Tenants of non-residential areas had four options. The first option was to receive 30 percent of the value of the land. The second is to move to another area in addition to getting a residential unit for rent in Badr city. The third option offered a new unit when the project is over. The fourth option is ownership of a residential unit in Asmarat.
The project is a part of an initiative launched in 2014 to develop slum areas all over Egypt.