CEO of Ora Developers Haitham Mohamed has uncovered that the company intends to pump between EGP 4-5 bn into its first mixed-use development in west Cairo, ZED, throughout 2019 and 2020, Reuters reports.
Over ten years, Ora Developers plan to invest a total of EGP 40 bn in ZED, with expected sales of EGP 50 bn in six years, Mohamed told the news agency on the sidelines of a press conference on August 25.
“So far, we have managed to sell 900 housing units, at an average selling price of EGP 25,000 per square meter … We plan to further market 700 new properties in September,” the CEO was quoted as saying.
With the 65-acre ZED Park located at the heart of it, the 165-acre compound “interweaves mixed-use, residential, commercial, retail, and entertainment facilities into its masterplan, elevating Sheikh Zayed from a residential suburb to a new urban quarter that promises its community a true luxury lifestyle destination,” read a previous statement.
Ensuring cutting-edge designs in the project’s landscaping and architecture, ZED will feature 5,000 fully-finished apartments, varying between 60 and 240 square meters, with modules ranging from serviced apartments to two-, three-, and four-bedroom properties.
Ora Developers proposed plans for an 850-acre land plot on the North Coast from the Tourism Development Authority, yet negotiations are still ongoing, Mohamed revealed as the company unveiled the first edition of its ZED Club’s Cup football tournament at the newly-launched ZED Park, under the auspices of Egyptian Ministry of Youth and Sports.
Commenting on the launching, the CEO remarked, “We are very excited to be bringing some of the best football clubs in the world to compete in Egypt for the first time, especially when we are focusing on the youth who have so much talent to offer,” according to a recent press release.
“This is a historical moment in Egypt, and we are delighted to be kicking off the first edition of the tournament at our new ZED Park, giving the public a chance to discover what we’re offering, including our fully-equipped sports complex. This is only the beginning and we are looking forward to many more events at ZED Park,” he highlighted.
