Wadi Degla Developments company began carrying out construction works on Neopolis project on 545 acres in Future City in New Cairo, with investments ranging between EGP 13m to EGP 14m, according to a Sunday press statement.
Wadi Degla Developments CEO Maged Helmy said the company began carrying out the project after receiving a ministerial decree so as to ensure building the units, according to the company’s plan and the schedule agreed upon with customers.
Helmy added that the Neopolis project is one of the company’s major projects, on which it will place a wager in the next phase, pointing out that the company is targeting to achieve sales of about EGP 33bn.
Neopolis project is a housing compound that accommodates about 14,000 housing units with varied sizes in addition to commercial and entertainment services, green areas, and the Wadi Degla club. The project will be developed during four phases, and it is scheduled to deliver the first phase by 2020. Neopolis project snatched the prize of best real estate project under construction during 2015.
Helmy noted that the company will focus in the next phase on the construction of housing units for middle-income and upper middle-income classes to cover the growing demand in the Egyptian market.
“The location of the Neopolis project contributes to provide added value to the project and attract a major tranche of clients, because Future City is an extension of new Cairo and the proximity to the administrative capital,” said Helmy.