The New Administrative Capital Company for Urban Development (NACCUD) will issue a tender for Phase 1 development of residential blocks in the new capital in March, company chairman Ahmed Zaki Abdeen tells Al Borsa. The New Urban Communities Authority will decide then, which of the 25,000 homes in the first phase will be included in the tender, according to Abdeen. On a related note, the Saudi Egyptian Construction Company (Secon) is planning on starting work on its EGP 3 bn project in the new administrative capital in 2Q2018,CEO Darwish Hassanein tells Al Shorouk. He added that the company is waiting for government clearance before starting work on the 70 feddan residential project. 60% of the homes in the project are villas with delivery expected in about three years.

Tags: