Egypt’s City Edge Developments says it has achieved 250 million Egyptian pounds ($13.9 million) in sales from marketing the first phase of its residential flagship Etapa in Sheikh Zayed City, at the outskirts of Cairo.
The real estate development firm seeks to increase these sales to register 500 million pounds at the end of the first quarter of 2018 and one billion pounds at the end of the year, its chief executive Amr El Kady said Saturday.
“The residential project is being carried out on a space of 77 feddans in various spaces, with total initial investments estimated at around two billion pounds,” El Kady further told Amwal Al Ghad.
In addition, the official said that his company plans to expand its business in the Egyptian cities of New Mansoura, New Administrative Capital, and New Cairo.
“The company targets announcing the implementation of new project before the end of this year,” El Kady referred.
In August 2017, Egyptian President Abdel Fattah al-Sisi issued a decree establishing 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.
Located 40km (24.8 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s scheme to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city will be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches, a 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.
