The New Administrative Capital’s (NAC) third residential neighbourhood (R3) will be delivered before the end of the year, said Mohamed Abdel-Maksoud, head of the municipal agency of the New Administrative Capital (NAC).
Abdel-Maksoud told Daily News Egypt that construction works at NAC remains in full swing, despite the ongoing coronavirus (COVID-19) pandemic.
He added that the development rate in R3 stands at 88.5%, with the unit owners set to move in by the end of 2020.
With a total of eight districts, R3 spans over 1,000 feddan, comprising 105 buildings, or 3,104 housing units, making up the residential buildings in the first district. Besides this, work is underway to develop an interior street network that will include specific bicycle and pedestrian lanes.
Abdel-Maksoud noted that the NAC municipal agency, which is affiliated to the Ministry of Housing, has invested a total of EGP 164bn into its NAC projects, which includes the R3, R5, and government districts. Of this total investment, EGP 30bn has been allocated to utilities.
He estimated that the agency’s total budget required for utilities and housing units during the next fiscal year (FY) 2020/21 stands at about EGP 40bn. This works out at a rate of about EGP 3bn a month to complete construction and utilities work, according to the schedule for those activities.
Earlier this month, about 60 real estate development companies operating in the NAC obtained ministerial approvals for projects developed between May 2018 and May 2020.
The NAC spans over 170,000 feddan, and will include 650km of road network and 20 residential areas projected to accommodate 6.5 million people. The development will include an international airport, as well as a monorail and an electric train network to link the NAC with 10th of Ramadan and El-Salam cities.