Egypt’s real estate developer City Edge Developments (CED) has announced the launch of two new residential projects, The Gate and Mazarine, in New Alamein, North Coast, Invest-Gate reports.
Revealed during a press conference held in CED’s new towers on July 3, the projects are owned by the New Urban Communities Authority (NUCA), according to a recent press statement.
The Gate, designed by Concord Consulting Group, is slated to be a residential, recreational, and commercial complex, consisting of two 44-floor towers. The 170-meter buildings have a built-up area of 264,000 square meters and feature 669 fully-finished units, ranging in sizes between 50 and 400 square meters.
Split by a road that leads directly to the shore, the towers stand on a five-floor podium featuring amenities such as two sky pools, panoramic L-shaped restaurants, a spa, a gym, retail outlets, panoramic elevators, and cinema halls, as well as, other services including waste management system and generators.
The second project, Mazarine, is designed by Ökoplan to be a luxury residential complex, spanning across 98 acres and comprising more than 296 units varying between villas and chalets.
Overlooking a 635-meter long beach promenade, the project is a few minutes away from North Square, which is the largest commercial venture on the coastline.
Commenting on the new launches, the company’s CEO Amr El Kady said, “We are currently in need of urban landmarks and distinct real estate buildings that reflect the economic revival of Egypt in recent years. The Gate and Mazarine projects strongly support our presence on the map of the national project and fourth-generation cities.”
The CEO added, “Investing in tall buildings or towers is one of the country’s economic strengths and a sign of our economic and real estate development.”
“We expect the projects to be successful, complementing the real estate and urban importance that New Alamein represents for the Egyptian market … The new city embodies the Egyptian government’s vision for the future of real estate development in the country by developing a number of fourth-generation cities,” El Kady concluded.
Established in 2017, CED is 60% owned by NUCA and 38% by Housing and Development Bank (HDB). It currently implementing a diverse range of projects across Egypt, notably The Gate, Mazarine, and North Edge Towers in New Alamain, ETAPA and ETAPA Square in Sheikh Zayed, amongst others.