Ora’s ZED Sheikh Zayed Phase I contractual sales at EGP5 bln

Ora Developers says it generated contractual sales of 5 billion Egyptian pounds ($309.4 million) from the first phase of its flagship – ZED project – in Sheikh Zayed City, at the outskirts of Cairo.

“Our investment plan focuses on pumping 1 billion pounds into the project’s first phase,” chief executive Haytham Abdelazim told Amwal Al Ghad on Sunday

The real estate developer – a firm chaired by Egyptian tycoon Naguib Sawiris -has earlier sold all the residential towers in the project, which is being developed on a space of 165 feddans in six phases, Abdelazim said.

The project will include 4,500 housing units with spaces of 50 feddans as well as some apartments over 250 feddans, Abdelazim said, adding: “We will start delivering these units within four years.”