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Image used for illustrative purpose. Construction team planning at quarry Architects and worker discussing over blueprint at quarry against clear sky
Egyptian developer City Edge Developments is planning mixed-use project in New Cairo over an area of about 71-acre, the company CEO said.
Mohamed El-Mikawi said in an online press briefing that 50 percent of project would comprise offices, stores, hotel apartments and the remaining 50 percent would be for housing.
He didn't disclose the planned investments but said they bought the land from New Urban Communities Authority at a cost of 4 billion Egyptian pounds ($254 million), which will be paid in installments over four years.
El-Mikawi added that they will complete the project in five years from the start of construction.
He said the ongoing 2.2 billion pounds ($140 million) Etapa Square project in Sheikh Zayed would be ready by 2022.
(1 US Dollar = 15.76 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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