City Edge Developments (CED) and the New Urban Communities Authority (NUCA) signed a protocol to undertake the construction, development, management, design, branding, marketing, sales, as well as maintenance and aftersales services for seven projects taking place in New Alamein, the New Administrative Capital, and New Mansoura.
During a press conference held Monday at the Ministry of Housing, Utilities, and Urban Development headquarters, Moustafa Madbouly, minister of housing, utilities, and urban development, explained that the NUCA had previously agreed to establish City Edge Developments, in partnership with the Housing and Development Bank and the Holding Company for Investment and Development, with the purpose of real estate investment and development of residential, administrative, and commercial projects.
Madbouly also touched on CED’s capacity to establish premium residential projects; the protocol agreement with the NUCA states that CED will undertake construction and development management, design, branding, marketing, sales, as well as maintenance and aftersales services.
“The Egyptian real estate market is among the most promising as the Egyptian population is coming closer to 100 million, which is why the government is working towards expanding the urban land area and establishing new urban communities around Egypt in order to accommodate the population growth. The newest national projects taking place around Egypt introduce a new set of standards and ground-breaking concepts, including the Central Business District of the New Administrative Capital. Comprised of 20 residential, administrative, and commercial towers, the CBD also features the tallest skyscraper in Africa, standing at a height of 385 metres,” said Madbouly.
Mohamed El Alfy, chairperson of CED, told Daily News Egypt that the marketing campaign will begin in New Alamein in June and in New Mansoura in August, followed by the New Administrative Capital in October.
El Alfy pointed out that the company targets achieving EGP 1bn in sales in New Alamein by the end of the current year.
For his part, Amr El Kady, CEO of City Edge Developments, said that the company is planning to grow its presence as part of its ambitious expansion plan for this year, adding seven projects in new megacities, and two pilot ventures in Sheikh Zayed. CED’s role in the seven new projects will include construction and development management and marketing for the first premium residential towers overlooking the sea, a commercial project, as well as a gated compound, covering an area of 477 feddans, in New Alamein, one of Egypt’s most anticipated budding areas.
“Moreover, the company will manage the development of two more commercial and residential projects in New Mansoura, as well as the Central Business District of the New Administrative Capital, which will be developed by the China State Construction Engineering Corporation (CSCEC). City Edge Developments has stressed its commitment to first-rate quality standards since its inception in the Egyptian market. The protocol further explores CED’s elaborate outlook on its ability to have an influential role in the government’s efforts toward developing the local real estate sector,” El Kady explained.
City Edge Developments is a partnership between the NUCA with 60% ownership, the Housing and Development Bank with 38%, and the Holding Company for Investment and Development with 2%. With a total capital of EGP 1.3bn, the company was launched in January 2018, and kicked off with two projects: Etapa, the company’s flagship project in Sheikh Zayed, which is an integrated smart residential compound offering 493 units with an investment of EGP 2bn, while the second is a mixed-use project with a total investment of EGP 3.5bn.