By: Abdullah Bedier
Cairo - Mubasher: City Edge Developments will launch the first phase of Zahya towers in New Mansoura next month, according to CEO Amr El-Kady.
El-Kady told Mubasher on Wednesday that around EGP 1 billion are expected in sales of the phase one.
The company recently unveiled plans to invest around EGP 20 billion ($1.116 billion) in projects across the New Administrative Capital and Al Alamein City.
The company is planning to invest EGP 2.5 billion in a tower comprising housing, hotel, and administrative units in the New Administrative Capital.
City Edge Developments’ sales reached EGP 8.25 billion during the first ten months of 2018.
The company’s total investments in Egypt’s real estate market amounted to EGP 6 billion, Amr El-Kady previously told Mubasher.
City Edge Developments is a joint venture between the New Urban Communities Authority with a 60% stake, the Housing and Development Bank with 38%, and the Holding Company for Investment and Development with 2%.
It is worth noting that the company is working on two real estate projects in Sheikh Zayed with total investments of EGP 5.5 billion.
