City Edge markets phase I of PPP flagship in New Alamein
Egypt’s property developer City Edge has marketed the first phase of Downtown flagship in New Alamein City, northwest of Cairo, in less than one week, its chief executive said on Wednesday.
Downtown is completely owned by New Urban Communities Authority (NUCA), an agency under Egypt’s Ministry of Housing, Amr El-Kaddy added.
The first phase, which generated 700 million Egyptian pounds ($43 million) in sales, will include 200 fully-furnished units, El-Kaddy said.
The company will start delivering these units within 2020, he added.
“The project will encompass a number of major residential buildings varying between penthouse apartments and residential flats” he 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 the government hopes it would 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 set to accommodate 400,000 populations.