ICEC

Egypt’s City Edge to launch phase I of Zahya next month

The company expects to post EGP 1 bln sales from Zahya's phase I

Egypt’s City Edge Developments will launch the first phase of Zahya towers in New Mansoura City within the next month, according to its chief executive Amr El-Kady.

The company expects to achieve sales worth one billion pounds from Zahya towers’ first phase.

The company recently unveiled plans to invest around 20 billion pounds ($1.116 billion) in projects across the country’s 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 New Administrative Capital.

City Edge Developments’ sales reached 8.25 billion pounds during the first ten months of this year.

The company’s total investments in Egypt’s real estate market amounted to 6 billion pounds, El-Kady 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 .

The company is working on two real estate projects in Sheikh Zayed City, with total investments of 5.5 billion pounds.

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