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Egypt builds 142 residential buildings at EGP 3.23bn cost

Egypt builds 142 residential buildings at EGP 3.23bn cost
The implementation cost of the R3 is estimated at EGP 31 billion

By: Abdullah Bedeir 

Cairo – Mubasher: Egypt’s Ministry of Housing, Utilities, and Urban Communities has built 142 residential buildings in the Third Residential District (Capital Residence Project R3) in the New Administrative Capital during the 2014-2020 period.

These units have been constructed at a total cost of EGP 3.23 billion, according to official data reviewed by Mubasher.

The housing ministry had previously estimated the total implementation cost of the entire R3 at EGP 31 billion.

The R3, spanning over an area of 1,000 feddans, is scheduled to feature about 23,130 residential units in eight neighbourhoods. The first and eighth neighbourhoods, which include 105 and 136 buildings, respectively, have been completed.

Situated over 170,000 feddans, the new capital is projected to host 6.5 million people, in addition to creating 2 million jobs.