RFCO for Construction and Development has announced a 30% increase in the prices of residential units in IL Mondo compound in the New Administrative Capital (NAC) and sent an official letter to all real estate marketers with whom the company deals to apply the new prices starting from 9 July.
The company started offering IL Mondo units at the beginning of the year for EGP 10,850 per sqm. After the new price hike, the units will cost EGP 14,000 per sqm.
Chairperson of RFCO, Ramy Fares, revealed that the project’s investments amounted to EGP 1.6bn, noting that IL Mondo is a self-financed project so far, with expected sales of EGP 2bn.
Fares said the project is built on an area of 97,000 sqm, and has 960 units with different spaces of 85-250 sqm.
The company has already obtained the ministerial approval for the project, he shared.
“About 18% of the project’s area was allocated for buildings and the rest will be green spaces and gardens,” Fares added.
He pointed out that the NAC is a good opportunity for investing in the real estate sector, revealing that the company considers developing more projects in Ain Sokhna or North Coast.