Edge Holding for Urban Development reported EGP 500 mn sales of its residential project in the New Administrative Capital (NAC), OIA, in H1 2019, bringing the compound’s total sales up to EGP 1.67 bn, Invest-Gate reports.

The company has already commenced the construction works of OIA and allocated EGP 80 mn for the project’s marketing plan in 2019, Nader Bader, vice chairman for Edge Holding’s commercial sector, exclusively told Invest-Gate during the developer’s Sohour event on May 26.

Additionally, OIA is seeing the construction of about 15 buildings as Edge Holding works on completing them during this year, a step that comes under the company’s wider plan to implement a total of 39 buildings within four years.

Spreading over 30 acres, OIA is set to be “the island of the New Capital” with greenery landscapes acquiring 80% of the project’s area, featuring 1,300 residential units, alongside some commercial and administrative facilities. 

The compound will include a number of services and amenities such as sports fields, swimming pools, tracks, in addition to a community club, a children’s playing area, and a private garage for each resident.

Edge Holding is an Egyptian-Saudi joint venture between Egypt’s construction company El Borouj Egypt and Saudi-based real estate developer Al Mashariq.