Cairo Capital Development Company intends to launch Infinity— a tourist residential project— next to the Grand Egyptian Museum (GEM) in Giza with investments of EGP 500m, according to Ahmed Selim, chairperson of the company.
He said the company has obtained the required approvals for the project, and completed the consulting and engineering designs.
Selim explained that the project is to be built on an area of 5 feddan over three phases and will include 250 units with spaces ranging from 90 to 225 sqm. He added that the project will be completed within a year.
“The company aims to launch the first phase of the project by next month with investments of EGP 100m including a total of 50 units and targeted sales of EGP 300m,” he elaborated. “The selling prices will start from $1,500 to $2,000 per sqm. It is expected that the company will complete selling of 250 units within a month of its launch.”
Selim pointed out that the company is looking for another piece of land in the surrounding areas of the GEM, to build a hotel, as it is within the company’s strategy and real estate companies’ desire to develop tourism projects around the museum.