Ora Developers to launch $6.3bln ZED New Cairo in Q2

400-feddan mixed-use development to be delivered in 10 phases

  
Image used for illustrative purpose. A general view of Cairo buildings through out airplane window in Cairo, Egypt, September 29, 2015. REUTERS/Mohamed Abd El Ghany

Image used for illustrative purpose. A general view of Cairo buildings through out airplane window in Cairo, Egypt, September 29, 2015. REUTERS/Mohamed Abd El Ghany

REUTERS/Mohamed Abd El Ghany

Ora Developers Egypt has acquired 400 feddans of land in East New Cairo for its new project ZED New Cairo.

Company CEO Haitham Abdel Azim said the 100 billion Egyptian pounds ($6.3 billion) mixed-use project would be developed in 10 phases over a 12-year period.

"The first phase will be launched by second quarter of 2020 and comprise of 1,000 residential units," he said at a media roundtable on Wednesday.

Azim said the development will incorporate residential units ranging from villas and apartments to roof duplexes and penthouse units and feature a 500 million pounds ($32 million) sports club spread over an area of 50 feddans.

WAG Architects is the designer of ZED New Cairo, he added.

(1 US Dollar = 15.79 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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