City Edge Developments, a partnership between the New Urban Communities Authority (NUCA) with 60%, the Housing and Development Bank with 38%, and the Holding Company for Investment & Development with 2%, is investing a total of 1.3 billion Egyptian pounds in the development of premium housing and mixed used projects.
Moustafa Madbouly, Minister of Housing, Utilities, and Urban Development, attended the launch of the newly established City Edge Developments that revealed the company’s unique and distinctive vision in penetrating the real estate market.
City Edge Developments will kick off with two projects, Etapa in Shiekh Zayed and a mixed-use establishment located in 6th of October City. Both projects are set to launch during the first and second quarters of 2018 respectively.
Etapa, the company’s flagship project, is an integrated smart residential compound that allocates 86% of its area for greenery and open spaces, while the remaining 14% is dedicated to the establishment of 493 units. The mixed-use project, however, offers a range of office buildings along with entertainment, medical, as well as hospitality services. Through this partnership NUCA and HDB plan to employ their combined expertise in housing and development to bring forth a new generation of solutions with the highest quality.
Etapa will see an investment of 2 billion EGP, while the total investment of the mixed-use project is equivalent to 3.5 billion EGP. Both projects are expected to provide around 10,000 direct and indirect job opportunities, along with substantial opportunities for growth in the industry.
In its mission to offer quality products and meet a different standard of expectations, City Edge Developments is capitalizing on its shareholder operational and financial resources, “this partnership is a critical element toward reaching a comprehensive project that focuses on premium solutions. It is mainly about infusing the capabilities of the entities involved to attract a distinct customer base through providing integrated real estate services,” explained H.E. Dr. Madbouly, Minister of Housing, Utilities and Urban Development.
“Involvement in the real estate business is one of HDB’s main objectives, it’s how it can boost its human capital and provide clients with premium quality products. It follows a strategic plan that relies on the bank’s reputation and immense experience in housing and development to facilitate construction and sale of housing units through affiliated companies, supervision and implementation of housing projects, and real estate assessment,” said Fathy El Sebai, Chairman of the Housing & Development Bank in regards to the bank’s strategy to expand its service portfolio.
City Edge Developments’ focus on premium housing provides flexible and economic solutions; the company is looking into the incorporation of new advances in design, it also aims to research insulations intended to decrease energy costs, and employ fluent design concepts in order to guarantee efficiency as well as upscale quality.
“The name City Edge inspires confidence and determination in taking initiatives and moving forward. We aspire to set trends through the products we present to the market and how each of them operates,” said Amr El Kady, CEO of City Edge Developments.“Serving the individualistic needs of the iGeneration is a critical aspect of our design-to-need plans. This vision doesn’t only help us achieve each of the desired results, but also get our customers involved in the process. We believe in building a product that has a significant and redeeming impact on our lives, behaviors, and future decisions,” he added.