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City Edge aspires to accomplish EGP 16bn worth sales this year - Daily News Egypt

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City Edge aspires to accomplish EGP 16bn worth sales this year

Company records highest profit in 2020, with 36% growth compared to 2019


City Edge Developments is aiming to register sales of an estimated EGP 16bn in 2021, coming in from its various projects across Egypt.

This includes: EGP 8bn in sales from the company’s projects in New Alamein City; EGP 3bn at Maspero Nile Towers; EGP 3bn at the Al Maqsad project in the New Administrative Capital (NAC); in addition to EGP 2bn from its other projects. 

City Edge CEO Mohamed El-Mikawi said that the company has recorded sales estimated at EGP 11bn in 2020.

He also said, “We have recorded a growth rate of about 36% in profits compared to 2019, despite the repercussions of the novel coronavirus (COVID-19) pandemic on all economic sectors.” 

City Edge Developments intends to expand its projects in the current year in New Cairo, as part of its plan to expand in east Cairo, he noted.

El-Mikawi said that the company is looking to launch a mixed-use project in front of the American University in Cairo (AUC) on an area of ​​71 feddan divided. 

It will be divided according to 50% for commercial, administrative, and hospitality properties and 50% for residential units, and will feature a built-up area of 18-20%. The project’s units will be offered with interest-free payment plans of up to seven and eight years. 

City Edge acquired an EGP 4bn plot of land in New Cairo from the New Urban Communities Authority (NUCA), with the sum to be paid over four years. The project development plan extends over five years, with units to be delivered within 3.5 years after contracting.

The company was also able to complete 50% of construction at Etapa Square, El-Mikawi said, adding that the company aims to open the project in 2022, with investment costs worth EGP 2.2bn. 

“City Edge signed a financing contract with the National Bank of Egypt (NBE) and Banque Misr, under which it would obtain a loan of EGP 1.1bn to finance the implementation of Etapa Square’s mechanical works, initiating electricity, and finishing the project,” he said.

Regarding the Etapa project in Sheikh Zayed, El-Mikawi said that the company has recorded sales of about EGP 1bn over the past year, and that a limited number of units remain.

It is expected that these remaining units will all be sold during 2021, at a value of less than EGP 1bn, with the delivery of units scheduled to begin in the second half (H2) of 2021. 

The Etapa compound is situated on ​​77 feddan, and 86% of its area has been allocated to open green spaces. Meanwhile, the 493 residential units are built on 16% of the project’s total area.

Regarding new marketing plans, City Edge announced that marketing for Maspero Nile Towers will start in the third quarter (Q3) of 2021, through which the company targets EGP 3bn in sales. 

The first phase of Maspero Towers contains three 40-storey residential towers directly on the River Nile. Unit spaces, which will function as a full-service hotel finishing system, range from 50 sqm, with average available spaces ranging from 150 to 250 sqm. Various commercial spaces will also be offered at the Maspero Towers project this year, according to El-Mikawi.

Furthermore, City Edge will undertake marketing of a commercial area within buildings that are being implemented as 800 sqm of alternative housing for the people of Maspero.

This is in addition to three towers on the Nile Corniche dedicated to a 5-star hotel and administrative units. The company aims to launch the commercial units and administrative building after the holy month of Ramadan.

On the other hand, the company manages and operates the commercial part of Ahl Misr Walkway, which boasts restaurants, cafes, and shops, in addition to open spaces. 

The Sour Magra El-Oyoun and Ain El-Sira Lake development projects are very important parts of the development of Historic Cairo. Sour Magra El-Oyoun includes housing units that will be built for the residents of the two regions, in addition to tourist and heritage areas. 

A small hotel will be built that features 60 to 80 rooms, and has had restaurants and cafes, as well as a children’s garden added.

City Edge Developments has succeeded in marketing 50% of the villas at its Al Maqsad project in the NAC, and deliveries are scheduled to start by April. 

As for Al Maqsad Residence, the project includes fully finished apartments with areas ranging from 111 to 160 sqm. Sales of properties at the project have already started in the Q4 of 2020. 

Handing over the units within Al Maqsad Residence will begin within six months, as most of the project units are included in the Central Bank of Egypt (CBE) initiative for low-interest mortgage financing with instalment options of up to 20 years.

As for the latest developments in New Alamein City, the towers marketed by the company include units overlooking the sea, whilst others overlook the lake. Yet other units overlook the sea and the lake at the same time. This marks it out as a different real estate product that has been admired by customers. 

The company will also launch the first phase of the Latin Neighborhood this year.  It is located in the southern region near New Alamein City’s universities area, and close to the cinemas and theatre complex, as well as its city of heritage and culture.

The 450 feddan Latin Neighborhood encompasses 11,000 residential units, with areas ranging from 100 sqm to 185 sqm, and is inspired by the ancient classical Alexandrian style. Some units in the project are set to be delivered in 2021. 

One of New Alamein City’s important phases is its Downtown area, which will be handed over during H2 of 2021. Among the most distinguished phases, the Mazarin project is built on a total area of ​​about 700 feddan. 

The first phase has witnessed great demand and all the phase’s units were sold out, which prompted the company to launch the second phase under the name Mazarin Islands on ​​128 feddan. The second phase consists of 285 villas, ranging from 350 to 700 sqm.

Topics: City Edge

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