The General Construction Company (Rolin), a subsidiary of the Holding Company for Construction and Development (HCCD), is now studying to develop a land it owns in the Sharabeya district of Cairo on an area of 12,000sqm into a residential housing project.
The managing director of the company, Fathy Sayed, said that the Cairo governorate agreed to change the allocation of the land from industrial to residential in order to begin the project at an estimated fee of EGP 7m.
He added that the company paid EGP 2m of the fee and is currently negotiating with the governorate to pay for the remaining amount in the form of units in the project.
He pointed out that the company is now implementing 15 real-estate projects for a number of HCCD subsidiaries worth EGP 75m, including seven residential towers for Heliopolis for Housing and Development in Obour City worth EGP 19m, five buildings in Sheraton worth EGP 31m, and three towers for El Nasr Company for Buildings and Construction in Maadi worth EGP 25m.
Rolin has recently completed the establishment of the Long Beach project in Ain Sokhna for the Egyptian Arab Land Bank at a cost of EGP 470m.
Sayed said that the company has dissolved its business in Libya—following the recent events in a number of Arab countries—and is now limiting its business in Egypt.