By: Abdullah Bedeir
Cairo - Mubasher: City Edge Developments has launched Zahya, its newest project in New Mansoura, one of the fourth generation cities.
The new project will span across 1,700 feddans, the city’s total area reaching 7,500 feddans, according to the company’s CEO Amr El-Kaddy.
El-Kaddy told reporters on Thursday that the first phase includes 300 residential units, ranging from apartments to villas, with targeted sales amounting to around EGP 1 billion in three months.
The project also includes 28 water-front towers, he added.
Apartments range between 135 and 350 square meter, at EGP 24,000 per sqm, while villas are between 290 and 820 sqm, with a starting price of EGP 4.6 million.
El-Kaddy recently revealed that City Edge 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-Kaddy 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.
