(MENAFN- Daily News Egypt) Implementation of Arabtec's one million residential unit project will take five years after the company receives the project's land, Minister of Housing Mostafa Madbouly announced.
The minister said the Cabinet approval for the project was based on seven conditions. These conditions include that the price of land will be based on and equal to the infrastructure cost. He added the land's cost should be paid in residential units to the New Urban Communities Authority (NUCA).
Madbouly added that the company's profits should not exceed 7.5% of the implementation cost, adding that NUCA will assign an auditor to ensure this condition is assured.
The conditions also included that residential units' areas should not be more than 120sqm, Madbouly said. The housing minister added that each construction development company should not be less than 10,000 residential units.
The first phase of the project will include constructing 100,000 units in Obour and Badr City. Around $180m will be transferred to Arabtec Egypt for Real Estate Development, the Egyptian arm of the Emirati mother-company, within six month of the project's initial implementation.
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