Egyptian real estate company City Edge Developments and Savills — a property consultancy — signed an exclusive leasing, property management, and marketing agreement for North Square this week.
The retail-led project is located in New Alamein City, covers a total area of 164,000 sqm, and is set to begin operation in summer 2022.
North Square Mall features 86,000 sqm to be leased, retail, cultural, F&B options, as well as a parking area with 3200 slots, ultimately offering a comprehensive experience for New Alamein and the entire North Coast.
Vice Chairman of New Urban Communities Authority (NUCA) Abdel Moteleb Mamdouh said that “New Alamein is set to host 2m residents by 2030 and is projected to start welcoming residents this year. This step is in line with the government’s plan towards adding value and making construction progress across fourth generation cities in Egypt with the aim of making the most of prime locations.”
New Alamein possesses all the components necessary to create and sustain different lifestyles all year round. The city provides residents with integrated solutions, including administrative, medical, and 5-star hotel experiences, as well as educational services — such as Alamein International University and a new campus for the Arab Academy for Science, Technology, and Maritime Transport — besides different elements that aim to attract agricultural and industrial investments.
“Today, and after completing the construction phase, we are bringing a complex featuring the biggest international and local experiences in shopping and F&B to the North Coast,” said Mohamed Al-Dahan, the CEO of City Edge Developments.
A provider of a wide range of consulting services as well as marketing and strategic advice, Savills works with real estate developers towards achieving the desired investment objectives. Head of Savills Egypt Catesby Langer-Paget said that “New Alamein is very attractive to developers and investors, and this agreement with City Edge is a great opportunity thanks to its diverse portfolio of products that are taking place across the country.”
