Cairo –Mubasher: Emaar Misr for Development announced that it will offer Cairo Gate project residential project for sale following the approval of the masterplan.
The project is set to generate investments worth EGP 11.5 billion, said a bourse statement on Thursday.
The announcement followed the agreement reached with the New Urban Communities Authority (NUCA) concerning the project’s land, Emaar Misr said, adding that it has not relinquished any part of the land.
The project, which is situated on a spatial area of 120.9 feddan on Cairo–Alexandria desert road, will be offered over the coming period in tandem with the beginning of works.
It is worth noting that the head of Sheikh Zayed Development Authority, Mostafa Fahmy, previously told Mubasher that Emaar Misr has bought a 68.5-feddan land, representing 50% of its owned land in Sheikh Zayed, which had previously been waived in exchange for fees imposed on the company for changing the use of the land from agricultural to residential purpose.
In addition, Emaar Misr obtained a 500-feddan land plot in Sheikh Zayed Extension through direct land allocation.
