Egypt’s City Edge posts $447.1mn contractual sales from New Alamein towers

Egypt’s property developer, City Edge says it has achieved contractual sales of 8 billion Egyptian pounds ($447.1 million) from marketing five residential towers in New Alamein City, northwest of Cairo.

The five towers were promoted in favour of New Urban Communities Authority (NUCA), an agency under Egypt’s Ministry of Housing, said the company’s chief executive Amr El-Kaddy on Thursday.

“We had also posted contractual sales up to 11 billion pounds from our projects, which are being marketed for NUCA in New Alamein and New Mansoura cities,” El-Kady told Amwal Al Ghad.

In March 2018, Egyptian President Abdel Fattah al-Sisi opened the first phase of New Alamein City project, which will include a national university that comprises of a number of applied science faculties, an opera house, a library, and a museum.

New Alamein is spanning over of 48,000 feddans (49,824 acres) in Alamein town on Egypt’s Mediterranean coast. It is designed to include 5,000 housing units to accommodate over 400,000 inhabitants.

In August 2017, Sisi issued a decree to establish a new city in Mansoura, one of the fourth generation cities that is located 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 land plots to NUCA 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.