Egypt’s national developer City Edge Developments (CED) has sold out phase I of its newly launched project, dubbed “Downtown New Alamein,” in less than a week since its initial launch, achieving sales worth EGP 700 mn, Invest-Gate reports

Fully owned by the New Urban Communities Authority (NUCA), Downtown New Alamein is slated for delivery by 2020, with the first phase comprising 200 housing units of various sizes. It is master-planned as a modern apartment building complex, boasting residences that range from penthouses to ground-floor apartments with private gardens, CED said in a recent press release.

Additionally, it will feature “a diverse number of amenities centered around beautifully designed plazas with commercial and lifestyle facilities for the residences, including large public green spaces,” read the statement.

Commenting on the prolific news, CEO of CED Amr ElKady highlighted, “The sellout of the first phase of Downtown New Alamein in such a short period is a confirmation that there is continued demand for our offerings in New Alamein. Accordingly, we are working on the preparation of the launch of phase II in the near future.”