City Edge markets 5 towers in Egypt’s New Alamein

Egypt’s City Edge Developments says it has promoted five residential towers in New Alamein City, northwest of Cairo, with contractual sales worth 7.5 billion Egyptian pounds ($418.6 million).

The real estate development firm is also responsible for marketing other 15 towers in New Alamein, said its chief executive Amr El Kady on Thursday.

The prices of units in New Alamein’s towers range between 30,000 pounds and 42,000 pounds for each metres, El Kady said.

Last March, Egyptian President Abdel Fattah al-Sisi inaugurated New Alamein city on a space of 48,000 feddans, at a cost worth two billion Egyptian pounds ($111,7 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 city is planned to have universities and schools as well as various services and tourist activities. It is expected to accommodate 400,000 populations.