City Edge posts EGP 1.5 bln sales from Zahya in 3 days

Egypt’s City Edge Developments said that it has achieved sales of 1.5 billion Egyptian pounds ($83.7 million) from the first phase of its project Zahya in New Mansoura City in three days.

The Egyptian company launched the project’s first phase last month, its chief executive Amr El-Kaddy said on Monday.

Spanning over 1,500 feddans, Zahya is a residential compound project that will include 28 water-front towers.

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.