With the presence of Minister of Housing, Utilities, and Urban Development Mostafa Madbouly, New Urban Communities Authority (NUCA) acquires City Edge Developments (CED) to manage the development and marketing of projects at the Administrative Capital, Alamein, and New Mansoura, Invest-Gate reports.

This comes as part of NUCA’s efforts in developing new integrated cities able to accommodate the increasing population growth and to decrease the current congestion, as well as, establishing different levels of housing in urban communities. The agreement with NUCA determines CED to undertake construction, development management, design, branding, marketing, and sales, as well as, maintenance and after-sales services of seven new upcoming projects at New Alamein, New Administrative Capital, and New Mansoura.

At its press conference, Minister of Housing, Utilities, and Urban Development, H.E. Dr. Moustafa Madbouly explains that NUCA has purposefully agreed to establish CED, in partnership with the Housing and Development Bank and the Holding Company for Investment & Development to develop residential, administrative, and commercial projects. Madbouly asserts on CED’s capacity to establish premium residential projects.

CED has stressed its commitment to first-rate quality standards since its inception in the Egyptian market, hence the protocol further explores the company’s elaborate outlook on its ability to have an influential role in the government’s efforts toward developing the local real estate sector.

“The Egyptian real estate market is among the most promising with Egypt’s population reaching 100 million… and that is why the government is working towards expanding the urban land area and establishing new urban communities across Egypt to accommodate the population growth,” the Minister tells Invest-Gate.

“The latest national projects of Egypt introduce a new set of standards and groundbreaking concepts, including the Central Business District (CBD) at the New Administrative Capital, comprising 20 residential, administrative, and commercial towers. CBD also features the tallest skyscraper in Africa, standing at a height of 385 meters,” Madbouly states.

CED Chairman Mohamed El Alfy expresses the company’s responsive attitude to be part of those projects and how it can be of benefit. “Working in the field of real estate requires a high level of flexibility, as well as, the capacity to meet the market’s needs, especially during this time in Egypt as the market continues to evolve. Our ability in taking on projects with such proportions solidifies our commitment to quality products, and aligns with our vision of being Egypt’s national brand for premium quality solutions,” he says.

Ambitiously, CED ventures with seven new projects aside from its two pilot projects in Sheikh Zayed City this year. To start with, CED is to construct and manage the development and marketing of the first premium residential towers overlooking the sea, a commercial project, as well as a gated compound, covering an area of 477 acres, in New Al Alamein City.

Moreover, the company will manage the development of two more commercial and residential projects in New Mansoura, as well as the Central Business District (CBD) in the New Administrative Capital, developed by the China State Construction Engineering Corporation (CSCEC).

“Our comprehensive approach does not only include development and design of projects, but extends to evolve and incorporate modern elements to provide our customers with the best modern development solutions,” clarified Amr El Kady, CED CEO.

CED is a partnership between the New Urban Communities Authority (NUCA) with 60%, the Housing and Development Bank with 38%, and the Holding Company for Investment & Development with 2%. With a total capital of EGP 1.3 bn, the company is developing premium housing and mixed-used projects. Through providing the best in class standards, its vision is to ultimately be the national brand for premium real estate developments in Egypt. Launched in January 2018, the company kicked off with two projects. Etapa, the company’s flagship project in Sheikh Zayed is an integrated smart residential compound, offering 493 units with an investment of EGP 2 bn; and another mixed-use project with a total investment of EGP 3.5 bn to be revealed soon.