Egyptian Real Estate firm Mountain View, affiliated to Dar Al Mimar Group (DMG), announced Monday that the first phase of its flagship project "iCity" has been completely reserved.
Located New Cairo, the project is a joint venture between the Egyptian Mountain View and Saudi Sisban Holding and the Ministry of Housing represented by the New Urban Communities Authority (NUCA).
Mountain View put forward the project for reservations two day ago, starting Saturday, the offered land for sale has seen a great turnout of people to buy plots of land at EGP 8,000 per square metre. The project consists of 18,000 housing units built on an area of 500 acres.
On Saturday morning, hundreds of people stood in front of Mountain View's administrative headquarters in City Stars, waiting in line to reserve units in the I-City project
The development is one of the first major projects in Egypt to be based on public-private partnership (PPP) system; in which Mountain View-Sisban will own 60 per cent, with the remainder belonging to the Egyptian Ministry of Housing, represented by the New Urban Communities Authority.
Mountain View iCity contains 18,000 housing units built on an area of 500 acres. It will be built according to world-class environmental standards, with smart solutions to separate human traffic from automotive traffic, including no car zones.
It includes the I-Villa, which are featured villas but in apartment sizes, starting from 100 sqm up to 500 sqm, with a private entrance, independent garden, parking, and green space
The project is described as a comprehensive urban community that will meet the requirements of sustainable development in Egypt according to world-class standards and the latest in architectural design.
In addition, Dar Al Mimar Group in partnership with Callison RTKL Associates, a major architectural firm, is responsible for the design and layout of the project.
The second phase will be launched during the first half of next fiscal year, to accommodate the high demand for buying units.
Sisban is a leading Saudi investment company with multiple partnerships both in the Kingdom and overseas.
© Amwal Alghad 2016
