📋 Tender Overview
Scope of Work:
Construction of Fustat View project.
Description:
Egypt’s Urban Development Fund, in partnership with MINT Real Estate Assets, has announced the opening of reservations for the Fustat View project, a visionary multi-phase development aimed at transforming Cairo’s historic Fustat area into a dynamic economic and cultural hub.
MINT Real Estate Assets, a subsidiary of Al Ahly Sabbour Developments, is leading this initiative. The Fustat View project is a critical component of the Fund’s strategic plan to leverage urban development as a catalyst for economic growth. With a total investment of EGP 6bn, covering 40% of construction to date, the project will span 30 feddans and incorporate a mix of residential, hotel, and administrative units. The first phase is scheduled for delivery in 2025. This initiative aims to generate significant economic benefits, including increased tourism revenue, substantial job creation, and enhanced private-sector engagement.
Fustat View represents another significant milestone towards the achievement of the urban regeneration plan in Cairo, the Fustat area falls within the government’s plan to revive the historical sites of Old Cairo. The partnership between MINT and the Urban Development Fund offers a strategic advantage, positioning the project in alignment with future models of urban development. Furthermore, this project will deliver a modern living experience with exceptional investment returns, aligning with strategic vision for Fustat’s future as a leading investment, tourism, and entertainment destination.
As the largest park in the Middle East at 500 feddans, it will include hotel services, open theatres, archaeological areas, and heritage gardens. The park’s elevated location will provide exceptional views of historical landmarks such as the Citadel of Salah El-Din and old mosque minarets, extending to the Giza pyramids. The Urban Development Fund has chosen Innovo Al Shafar for the project design, combining classical and contemporary elements to reflect the area’s spirit and Egypt’s modern aspirations.
The initial phase will feature 7 residential buildings, boasting a sales value exceeding EGP 1bn. As the project progresses, total sales are projected to reach an impressive EGP 10bn, reflecting the significant investment potential. The compound will feature 1,412 fully furnished residential units, a mall, administrative units, and hotel apartments. The project includes various facilities such as a mosque, parking, kids area, sports playgrounds, gym, and nursery, as well as green landscapes.
