City Edge posts EGP 18bn contractual sales from PPPs in new cities
Egypt’s property developer City Edge says it has posted contractual sales of 18 billion Egyptian pounds ($1.1 billion) from some public-private partnership (PPP) projects in three new cities.
“We are responsible for marketing PPP flagships – in favour of the New Urban Communities Authority (NUCA) – in New Alamein, New Administrative Capital, and New Mansoura cities,” its chief executive Amr El-Kaddy said on Sunday.
The projects are North Edge Towers, Mazarine Compound, and Downtown in New Alamein, Zahya towers in New Manoura, and Al Maqsad in New Capital, El-Kaddy told Amwal Al Ghad.
Last March, Egyptian President Abdel Fattah al-Sisi inaugurated New Alamein, northwest of Cairo, on a space of 48,000 feddans, at a cost of 2 billion Egyptian pounds ($123.9 million).
New Alamein is one of the fourth generation cities being built in Egypt in some of the most up-to-date architectural styles, and is scheduled to be finalised in one-year timeframe.
The anticipated city is planned to have universities and schools as well as various services and tourist activities. It is expected to accommodate 400,000 populations.
Located 45km (28 miles) east of Cairo over 170,000 feddans, the under construction new administrative capital city is part of the Egyptian government’s plan to expand urban areas to deal with the rapid population growth and improve the nation’s infrastructure.
The new capital is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.
In August 2017, Egyptian President Abdel Fattah al-Sisi issued a decree to establish a new city in Mansoura, 128km (79.5 miles) north of Cairo in the Nile Delta.
The decree approved the re-allocation of 5,104 feddans or 21.4 million square metres of the state-owned lands to the New Urban Communities Authority to be used in establishing a new urban community, the New Mansoura City.
New Mansoura is expected to have more than 150,000 housing units for around 680,000 citizens. The city is set to include touristic housing, villas, and medium-income and social housing as well as regional university and technological industrial development zones.
