Prime Minister Mostafa Madbouli witnessed the signing of a contract between the New Urban Communities Authority, affiliated to the Ministry of Housing, Utilities and Urban Communities, and the Arab Company for Projects and Urban Development, one of the Talaat Mostafa Holding Group companies, to sell "in-kind and cash" for 5 thousand acres; to establish an integrated urban community in the "Capital Gardens".
The contract was signed by Ahmed Saeed Ali, Vice President of the New Urban Communities Authority for Financial and Administrative Affairs, and Hisham Talaat Moustafa, Chairman and Managing Director of the Arab Company for Projects and Urban Development, in the presence of Assem Al Gazzar, Minister of Housing, Utilities and Urban Communities.
Al Gazzar indicated that the contract signing comes in line with the President Abdel Fattah El-Sisi directions to expand the urbanization and attract more residents to the new communities.
The Minister of Housing added that according to this contract, the Arab Company is developing an area of 5,000 acres, equivalent to 21 million m2, in the city of "Capital Gardens", overlooking the Suez Road, by establishing an integrated urban project that includes all types of housing.
The percentage of housing in the project will be on a total of 50% of its area, about 2500 acres, including buildings and villas ranging from 50 %to 45% of the housing area, in addition to various public services equivalent to 4% of the total area of the project as fire stations, post offices, and police stations.
The project will also include a service area on 8% to 12% of the total area for its residents,that incorporates private and international schools, international hospitals, and clubs. The services reflect about 8 to 12% of the total project area.
He also explained that Capital Gardens is a new urban area on Cairo Suez axis, in front of the New Administrative Capital that is based on the the President’s decision No. 645 of 2020 for allocating an area of approximately 29435.5 acres for the construction of the city.
The decree includes all types of housing on an area of approximately 12 thousand acres, including luxurious and unique housing "integrated urban activities, villas and buildings", in addition to medium housing, including an area of 2350 acres under implementation within the housing project for low-income following the initiative of the President Abdel Fatah El Sisi "Residence for all Egyptians".
The new urban area will include various service activities on an area of nearly 6000 acres, which involves schools, hospitals, universities, an Olympic city, an exploratory science city, as well as commercial and entertainment areas.
The city will be surrounded by green areas on approximately 4000 acres for bicycle paths, open areas, and exercise paths to encourage residents to follow a healthy lifestyle. In addition to an industrial zone on an area of 2800 acres that includes light industries, craft area, a logistical area, research centers, and a smart village.
In this occasion, Hisham Talaat Moustafa, Madinaty and al Rehab developer, stated that the company will pay in return of its acquisition of the 5,000 acres in cash and in-kind consideration to the New Urban Communities Authority, to establish an integrated urban project that includes residential areas (apartments and villas) and an integrated educational, medical, commercial, administrative and touristic and entertainment services.
He also added that the project will cost an estimate of EGP 500 billion and provide about 3. 5 million direct and indirect job opportunities throughout the project phases . The project will offer nearly 140 thousand housing units to accommodate about 600,000 citizens.
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