By: Abdallah Bedier
Cairo – Mubasher: Rafco Construction has launched the third phase of its residential project “Il Mundo” at the New Administrative Capital.
The project has been implemented with around EGP 1.6 billion in investments and it targets up to EGP 2 billion in sales, the company’s chairman said in a conference held in Cairo on Tuesday.
Spanning 97,000 metres (25 acres), the complex features a total 960 units, Ramy Fares highlighted.
Rafco has logged 45% in sales from the project to date and the buildings made up around 18% of the complex and the remaining percentage are lakes and a landscape, Fares added.
He said that the company has obtained the land plot and the ministerial approval from the new capital’s company.
The project is auto-financed in the meantime, he said, noting that the company is in talks with Arab investors over banking offers.
It is worth noting that Rafco had launched the “Build your apartment” initiative to provide low-cost residential units.
Translated by: Mai Ezz El-Din
