Leading Egyptian real estate company, City Edge Developments, and Savills, one of the world’s leading property consultancies, signed an exclusive leasing, property management and marketing agreement for North Square. The retail-led project is located in the heart of New ِAlamein City, covers a total area of 164,000 m2, and is set for operation in summer 2022.
As the North Coast’s first entertainment hub overlooking the Mediterranean, with enhanced accessibility to and from the corniche, North Square Mall exhibits 86,000 m2 to be leased, features retail, cultural, F&B options, as well as a parking area with 3200 slots, ultimately offering a comprehensive experience for New Alamein and the entire North Coast.
Eng. Abdel Moteleb Mamdouh, Vice Chairman of NUCA, said: “New Alamein is set to host 2 million residents by 2030 and is projected to start welcoming residents this year, this step is in line with the government’s plan towards adding value and making construction progress across fourth generation cities in Egypt with the aim of making the most of prime locations, as well as the elements that qualify each to become a touristic and investment destination.”
New Alamein possesses all the components necessary to create and sustain different lifestyles all year round; it provides residents with integrated solutions including administrative, medical, 5-star hotel experiences, as well as educational services, featuring Alamein International University, and a new campus for the Arab Academy for Science, Technology & Maritime Transport, besides different elements that aim at attracting agricultural and industrial investments.
Describing the driving force behind such a partnership, Mohamed El Dahan, CEO of City Edge Developments said: “Today, and after completing the construction phase, we are bringing a unique complex featuring the biggest international and local experiences in shopping and F&B to the North Coast. Over the past couple of years, we have seen the success which Savills brought to other key real estate players and are thrilled to be continuing a long-term collaboration with the team”.
A provider of a wide range of consulting services, as well as marketing and strategic advice, Savills works with real estate developers towards achieving the desired investment objectives. Head of Savills Egypt, Catesby Langer-Paget said: “New Alamein is very attractive to developers and investors, and this agreement with City Edge is a great opportunity thanks to City Edge’s diverse portfolio of products taking place across the country.
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