Egypt's City Edge Developments launches Al Maqsad Residences in new capital

Company’s first residential buildings project in new capital will span 214 acres

  
Image used for illustrative purpose. Construction workers looking at blueprint on construction site.

Image used for illustrative purpose. Construction workers looking at blueprint on construction site.

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Egypt's City Edge Developments announced on Monday the sales launch of Al Maqsad Residence, the company's first residential buildings project in the New Administrative Capital.

The company said in a statement that the residential project spans an area of 214 acres, and will also feature a mixed-use strip, offering retail and office units.

The launch was marked with a 10-year payment plan for COVID-19 frontline healthcare workers.

City Edge Developments Chairman Ashraf Salman

The statement quoted Chairman Ashraf Salman as saying that the payment plan "recognises their outstanding efforts" and is a "simple gesture of appreciation for those who put our health and well-being first."

The statement didn't share elaborate on project timelines or costs.

A 2 billion Egyptian pounds ($125.5 million) joint venture between the New Urban Communities Authority (NUCA) - Ministry of Housing and the Housing & Development Bank, City Edge has launched more than 10 projects in various parts of the country since its launch in 2017, the statement concluded.

(1 US Dollar = 15.93 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

#Egypt #City Edge Developments #Real estate

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