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AREi kicks off Mid Town project in New Capital

AREi kicks off Mid Town project in New Capital

Cairo: Amoun Real Estate Investment, a subsidiary of Better Home Group for real estate investment, was awarded a 50 feddans in the New Capital City in a tender offered by the Real Estate Administrative Capital Co. last February.

AREI, presenting the highest bid, estimated at EGP3039 per meter, competed with SODIC whose bid amounted to EGP1010 as well as with the Saudi-Egyptian Construction Co. which offered a bid worth EGP2400 per meter.

After it was declared the winner, AREI unleashed a project to be built in the New Capital City under the name,' Med Town,' whose units has been priced at EGP2.8mn and square meter between EGP6,000 and 7,000, lower than equivalents at the Fifth Settlement City by 50%.

AREI plans to finalize the real estate project in the span of 3 years, the period set by REAC for developing lands of 20 and 60 feddans.

Source: Al-Mal Newspaper 

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