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07 November, 2018

Egypt's City Edge Developments to launch second phase of Zahya early next year

300 residential units were launched as part of Phase 1

City Edge Developments' mixed-use Zahya project is located in New Mansoura City on Egypt's Mediterranean coast

City Edge Developments' mixed-use Zahya project is located in New Mansoura City on Egypt's Mediterranean coast

City Edge Developments handout via Thomson Reuters Projects

07 November 2018
Egypt's City Edge Developments is planning to launch the second phase of its mixed-use Zahya project, located in New Mansoura City, Dakahlia Governorate early next year, the company CEO has said.

"We are planning to launch Phase 2 within the first quarter of 2019," Amr Elkady told Thomson Reuters projects.

Phase 2 will offer 300 residential units, the same as in Phase 1, he said on the side lines of the project launch event last week.

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Elkady didn't elaborate on the type of units for Phase 2 but said the 300 units in Phase 1 includes apartments located within three 28-storey towers, villas and townhouses.

"The company expects to achieve sales worth one billion Egyptian pounds from Phase 1," he added.

He said the first phase will also offer investment opportunities for hospitality, healthcare and education projects but didn't elaborate further.

The project was designed by Egypt-headquartered Engineering Consultants Group (ECG), he added.

City Edge Developments is a joint venture owned 60 percent by New Urban Communities Authority (NUCA), 38 percent by Housing and Development Bank and two percent by Holding Company for Investment and Development.

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

(anoop.menon@refinitiv.com)

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