City Edge Developments has completed aboutoh 40% of the commercial area, and around 85% of the towers’ foundation, of the North Edge Towers project in New Alamein, according to Amr El Kady, CEO of City Edgy Developments.
El Kady added that North Edge Towers is expected to include administrative activities at a commercial venture and a 600-feddan gated compound in New Alamein. The company’s scope of work will also include two more commercial and residential projects in New Mansoura, a residential project, and the Central Business District at the New Administrative Capital.
El Kady noted that the company intends to launch the first phase of the project in the current week.
The project comprises five fully integrated residential towers that reach up to 40 floors each, featuring stunning lagoon and sea views, alongside a beach club and a wide range of commercial and entertainment options. Each floor includes 340 residential units.
The whole project will include 15 towers and down payment valued at EGP 150,000, with average price EGP 35,000 per sqm.
El Kady pointed out that his company has pre-launched the project to know the customer’s needs.
During a tour for journalists in the project’s site in New Alamein, El Kady noted that the towers, expected for delivery after two years from the announcement.
The New Alamein City is spread over more than 48,000 feddans. The first phase takes up a total of 8,000 feddans and comprises two main components: the coastline area, which includes the International Tourism Centre, and the archaeological district.
Additionally, every tower has an entire floor dedicated to electro-mechanical services, as well as timesaving elevators equipped with Busbar security system, with a separate elevator for lifting goods and large equipment. The towers also use fibre optics cable for high speed internet, IP TV, and IP telephone connections, in addition to fire alarming and firefighting systems, special emergency exists, and a premium waste management system that stores waste in chilled rooms until it is moved to landfills, according to El Kady.
“North Coast towers are the first of their kind in the North Coast as they feature a unique variety of premium facilities and amenities designed according to the highest international standards. They offer three heated infinity pools, an air conditioning, and ventilation system, first-rate surveillance and security systems, a smart card private parking area, as well as a waste management system,” El Kady said.
The city of New Alamein is also expected to be the home of prime developmental projects, aiming to attract investments of high profile, multinational corporations. Managing the development of North Edge Towers is one aspect of City Edge Developments’ latest protocol agreement with the New Urban Communities Authority (NUCA) to do construction and development management, marketing, and after sales services for a number of major projects in new cities across Egypt, in order to accommodate the country’s growing population.
Commenting on the vision behind the chosen design, Amr El Kady, CEO of City Edgy Developments, said, “the city of New Alamein is projected to attract an estimate of 3 million Egyptians following the delivery of its first phase by the year 2030. Meanwhile, customers have shown tremendous interest in buying units at North Edge Towers, which only reaffirms our perception behind supplying for the high demand on vertical developments,” to this effect, he clarified that “while planning the designs for North Edge Towers, we took into account that the towers represent a vital aspect in a fourth generation city; a reason that prompted us to apply the highest architectural standards used in smart and integrated cities around the globe. We are so far done with 40% of the commercial area, and around 85% of the towers’ foundation.”
He explained, “the project’s convenient design allows easy accessibility, as well as an array of services, facilities, and amenities including swimming pools, a gym, a jogging track, kids’ area, garages, and storage areas. The towers are also built with materials that resist wind damage and earthquakes through utilising concrete tiles made of post-tensioned-slabs.
He noted that North Edge Towers will redefine the residential and recreational life in the North Coast, setting an example for integrated urban developments on this wonderful part of land in Egypt.
Backed by its shareholder resources and expertise in new urban communities, housing and, development, City Edge Developments promises superior quality products and best-in-class real estate solutions through introducing progressive design concepts, reducing long-term running costs, facility management, and adopting the industry’s latest.
Regarding the real estate bubble, El Kady noted that the Egyptian market is very far from this bubble because there is a real demand by all segments of Egyptians for property and it increases annually, pointing out that it is normal that the market revives sometimes and sometimes stabilises.
He explained that granting accommodation for foreigners who purchase property in Egypt is the most important mechanism supporting that trend; however, there are some integrated services are needed to promote exporting.
“The general design of New Alamein takes into account the availability of all the activities and services that the citizen needs, hence the economic and industrial components already exist. Moreover, the infrastructure that was inaugurated in the city makes it possible to have factories and activities that make the city a first home for citizens,” he commented.
City Edge Developments was launched in 2018 and it is a partnership between the New Urban Communities Authority (60%), the Housing and Development Bank (38%), and the Holding Company for Development & Investment (2%) with a paid capital of EGP 1.3bn.
City Edge Developments kicked off with two ventures, with expected total revenue of around EGP 7bn in Sheikh Zayed.
The first is Etapa, an integrated smart residential compound that allocates 86% of its area for greenery and open spaces, while the remaining 14% is dedicated to the establishment of 493 units. The project is located on an area of 77 feddans, with total initial investment of approximately EGP 2bn, provided by self-financing with the value of the land fully paid. The company started the earth works at Etapa after obtaining the ministerial approval for the project.
The second project is a mixed-use development project covering 14 feddans with total investments of EGP 3.5bn, offering a range of commercial buildings along with medical, entertainment, as well as hospitality. The commercial part will be offered for rent to maintain and control the quality and activities of the project, while the medical and administrative parts of the project will be offered for sale.