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City Edge targets EGP 1bn in sales from Zahya project in 3 months Company showcased project's first 2 towers in Cityscape Global, received several positive comments
City Edge Developments has launched 300 units for sale in the first phase of the Zahya project during a large celebration in the New Mansoura City on Thursday. The company targets achieving EGP 1bn in three months from the Zahya project, according to Amr El Kady, CEO of City Edgy Developments. El Kady said that the Zahya project is being constructed on 1,500 feddan, and each tower includes 28 floors, with spaces ranging between 130-350 sqm for apartments, and 290-820 sqm for twin houses, townhouses and villas. Zahya includes fully-executed luxurious villas with supreme finishing, designed in a classic style, with others designed in a modern style, at prices starting from EGP 4.6m, while prices skyscrapers square metres begin from EGP 24,000, with a payment plan stretching to seven years, added El Kady. New Mansoura is located on 7,000 feddan and will include a number of investment activities in various fields. It has allocated 76 feddan to Mansoura University, 40 feddan to Smart Village and 40 feddan to Nahda University. Moreover, the city includes logistic and service areas, universities, scientific research centres, a medical city, and technological industries. City Edge has prepared market studies to identify the choices of customers and their needs in Delta region where the project is being marketing. These studies were used to determine the unit's spaces which the client desired as well as the nature of designs, he noted. El Kady stressed that the company is confident in completing the project marketing in a short time, especially with the strong purchasing power in that area. "The presence of the state in any new city is an encouragement to the private sector in order to launch businesses in these cities, not as a competitors because it is a large market to accommodate all products due to high demand. The client has become aware of good developers, and distinguished real estate products," indicated El Kady. "The competition with international markets in the region is a strong, especially with markets close to Egypt." In this regard, El Kady suggested forming a national body to activate property export [ selling Egypt's property to foreigners and Egyptian expatriates] to be responsible for direct communication with all parties that are concerned with the property export file, and solve all the challenges facing exports, and the government ought to be responsible for this file. He mentioned that the company has showcase the first two towers of the Al Zahya project in New Mansoura City during the Cityscape Global exhibition in Cairo, and Mansoura and the company received many inquiries by the clients, and has also received several positive comments regarding it. El Kady said that Turkey's experience in exporting property is successful and strong, where the property export reached about 40% of Turkish GDP, which reflects the magnitude of interest in this file and its importance. For his part, Mohamed El Alfy, chairperson of City Edge Developments said that New Mansoura is one of new cities affiliated to the New Urban Communities Authority (NUCA). The city is being constructed to complement the role of the authority in development its plans by establishing new cities, and enhancing existing cities, supporting them and providing them with all needed facilities and roads. El Alfy highlighted that the launch of the Zahya project is another successful step of the cooperation protocol signed with the NUCA, where the company manages the project's development, marketing and post-sale management. City Edge Developments was launched in 2018, and it is a 60% partnership between NUCA, the Housing and Development Bank with 38%, and the Holding Company for Development & Investment with 2%, with a paid capital of EGP 1.3bn, for the development of premium housing and mixed-used projects. Through providing the best in class standards, the company's vision is to ultimately be the national brand for premium real estate developments in Egypt.
