Egypt’s real estate developer City Edge Developments announced selling all units of the first phase of its newest development in New Mansoura, Zahya, with total sales of EGP 1.5 bn, Invest-Gate reports.

CEO of City Edge Developments Amr El Kady said Zahya’s first phase was completely sold out within three days of its launching date, stressing that the units are fully finished with prices starting at EGP 24,000 per square meter for an apartment, while villas are offered at EGP 4.6 mn.

“A number of non-residential investment opportunities were also offered for clients during the past three days such as commercial, medical, and educational units,” El Kady said, noting that the second phase will be launched soon.

Clients are offered various payment plans for up to seven years, El Kady added.

According to the CEO, Dakahlia citizens accounted for the highest percentage of customers, followed by those of Damietta, Cairo, Sharqia, and Qalyubia.

Located in the heart of New Mansoura, the 1,500-acre project boasts fully finished, high-end luxury villas with areas ranging from 290 to 820 squares meters, in addition to some 28-story towers overlooking the sea and varying in areas between 135 and 350 squares meters.

New Mansoura will offer a number of investment opportunities in various fields. A total of 76 acres were allocated for the establishment of Mansoura University, 40 acres for Nahda University, and 40 acres for a smart city. The city will also include logistics and services areas, as well as scientific research centers, a medical city, and technological industries areas.

With works already have started to raise the efficiency of New Mansoura and expand the roads leading to it, the new city will lead to an economic and developmental boom for the whole Dakahlia city.