Mahmoud Maghawry, Chairperson and Managing Director of El Shams Housing and Ubranization company, revealed that his company is ready to start the construction works for the Solana project in the New Admistrative Capital (NAC) by the end of this month.
Maghawry explained that Solana project is built on 37 feddan with a total investment of EGP 3.4bn. It is an integrated residential complex of 25 buildings and a total of 1,580 luxury residential units, in addition to a mall on an area of 2200 sqm, a mosque, a nursery and a social club on an area of 7194 sqm, in addition to a recreational area on 5440 sqm.
He pointed out that the investment will be self-financed from the liquidity available to the company besides sales of residential units.
The project’s estimated investment includes the cost of land, which amounts to EGP 723.3m, and the cost of buildings and recreational areas and the mosque worth EGP1.95bn, in addition to operating costs and infrastructure and the public site, garage, mall, nursery and social club.
Maghawry said that the project will be implemented in one phase, which is expected to be completed within three years.