City Edge Developments launches Zahya in Egypt’s New Mansoura
City Edge Developments has launched its newest project Zahya in New Mansoura City, 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 chief executive 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 one billion pounds in three months.
The project also includes 28 water-front towers, he added.
Apartments range between 135 and 350 square meter, at 24,000 per square metres, while villas are between 290 square metres and 820 square metres, with a starting price of 4.6 million pounds.
El-Kaddy recently revealed that City Edge recently unveiled plans to invest around 20 billion pounds ($1.116 billion) in projects across the New Administrative Capital and Al Alamein City.
The company is planning to invest 2.5 billion pounds in a tower comprising housing, hotel, and administrative units in the the country’s New Administrative Capital.
City Edge Developments’ sales reached 8.25 billion pounds during the first ten months of 2018.
The company’s total investments in Egypt’s real estate market amounted to six billion pounds, Amr El-Kaddy previously told Mubasher.
City Edge Developments is a joint venture between the New Urban Communities Authority with a 60 percent stake, the Housing and Development Bank with 38 percent , and the Holding Company for Investment and Development with 2 percent .
It is worth noting that the company is working on two real estate projects in Sheikh Zayed with total investments of 5.5 billion pounds.