Cairo – Mubasher: Egypt’s housing ministry has launched City Edge Real Estate Development with investment worth EGP 1.3 billion, on which the New Urban Communities Authority (NUCA), Housing and Development Bank (HDB), and Holding Co for Development and Investment own a stake of 60%, 38%, and 2% respectively.
City Edge Real Estate Development has been established to set up residential and multi-use projects, in addition to integrated real estate projects, housing minister Mostafa Madbouli said in a statement on Wednesday.
Itaba project will be established in Sheikh Zayed city with EGP 2 billion in investments, City Edge chairman Mohamed El Alfy highlighted.
The project includes building an integrated smart residential complex, in which 86% of the total land plot will be open green space, while only 14% of the project will include more than 490 residential units, Al Alfy added.
The company will also implement a multi-use project in 6th October city with EGP 3.5 billion in investments, he indicated.
Construction of both projects is scheduled to commence during the first and second quarters of 2018, he noted, adding that it will create about 10,000 direct and indirect job opportunities.
