Egyptian developer City Edge Developments announced on Sunday the launch of its highly anticipated villa project, V40, located in New Cairo at a total investment of 10 billion Egyptian pounds ($325 million).

The 40-acre project will contain 71 villas on 20 acres while the remaining 20 acres will include shops, offices and recreational facilities, the company said in a press statement

The first phase of the project will be delivered within 3.5 years

V40 project is designed by Design International and Mimar Architects, the statement said, adding that 87.5 percent of the land area will be dedicated to landscaped gardens, water features, lakes.

Mohamed El-Dahan, CEO of City Edge Developments said V40 registered sales worth EGP 5 billion ($162 million) in the first quarter of 2023. El-Dahan also disclosed the company's ambitious target of reaching EGP 25 billion ($811 million) in sales by the end of the year.

Established in 2017 as a joint venture between the New Urban Communities Authority (NUCA) under the Ministry of Housing, Utilities, and New Urban Communities, and the EGX-listed real estate developer Housing and Development Bank, City Edge Developments has successfully launched 10 projects nationwide since its inception.

(1 US Dollar = 30.82 Egyptian Pound)

(Writing by Eman Hamed; Editing by Anoop Menon)