PHOTO
Egyptian real estate developer cred has partnered with New Urban Communities Authority (NUCA) to launch its mixed-use project 'Ever' in West Cairo.
Ahmed Mansour, CEO of cred, told Zawya Projects that the 9-billion-Egyptian pound ($489 million) project extends over 40 acres and includes residences, shops, offices, clinics, and hospitality units.
The project comprises 42 buildings representing a total built-up area of 220,000 square metres.
Mansour said construction is expected to begin in the first quarter of 2023.
"The project would be delivered in a single batch with all services available by 2026 for the residential part, while the entire project would be delivered by 2028."
The project was designed by YDG, Ismail El Habrook Architects, and ACE Moharram Bakhoum.
The residential portion comprises 36 buildings containing 1,000 units, further split into 500 residences and 500 serviced apartments.
Units for shops, offices, and clinics number 1,200 and would be distributed across six buildings.
Mansour said cred will start delivering Castle Landmark, the company's flagship residential project in the New Administrative Capital, in the first quarter of 202 instead of the last quarter of 2022 "due to the economic challenges facing the real estate and construction industry in Egypt."
Apart from Castle Landmark, cred is developing East Side and a commercial project in the NAC.
(1 US Dollar = 18.41 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
