Cairo – Mubasher: City Edge Developments announced that units of the first phase of Downtown New Alamein project, completely owned by the New Urban Communities Authority (NUCA), have been sold out in less than a week from its launch.
The real estate developer has generated EGP 700 million in sales after selling all 200 units of the first phase of the newly launched project situated at the heart of New Alamein City, according to a statement on Wednesday.
Sold units of Downtown New Alamein are expected to be delivered starting from 2020, the statement added.
After the successful launch of phase one, City Edge Developments is currently working on the launch of phase two, the company’s CEO Amr El-Kady said.
City Edge Developments is a joint venture between NUCA with a 60% stake, the Housing and Development Bank with 38%, and the Holding Company for Investment and Development with 2%.
In May 2018, NUCA signed a protocol of cooperation with City Edge Developments to manage the development and marketing operations of projects in the New Administrative Capital, New Mansoura City, and New Alamein City.
