By Hamed Mahmoud
City Edge CEO Mohamed el-Mikawi said that the company has recorded sales estimated at LE 11b in 2020. City Edge Developments is aiming to register sales of an estimated LE 16b in 2021, coming in from its various projects across Egypt.
This includes: LE 8b in sales from the company’s projects in New Alamein City; LE 3b at Maspero Nile Towers; LE 3b at the Al Maqsad project in the New Administrative Capital (NAC); in addition to LE 2b from its other projects.
He also said, “We have recorded a growth rate of about 36 per cent in profits compared to 2019, despite the repercussions of the novel coronavirus (Covid-19) pandemic on all economic sectors.”
City Edge Developments intends to expand its projects in the current year in New Cairo, as part of its plan to expand in east Cairo, he noted.
El-Mikawi said that the company is looking to launch a mixed-use project in front of the American University in Cairo (AUC) on an area of 71 feddan divided.
It will be divided according to 50 per cent for commercial, administrative, and hospitality properties and 50 per cent for residential units, and will feature a built-up area of 18-20 per cent. The project’s units will be offered with interest-free payment plans of up to seven and eight years.
The company was also able to complete 50 per cent of construction at Etapa Square, El-Mikawi said, adding that the company aims to open the project in 2022, with investment costs worth EGP 2.2bn.
“City Edge signed a financing contract with the National Bank of Egypt (NBE) and Banque Misr, under which it would obtain a loan of EGP 1.1bn to finance the implementation of Etapa Square’s mechanical works, initiating electricity, and finishing the project,” he said. Regarding the Etapa project in Sheikh Zayed, El-Mikawi said that the company has recorded sales of about EGP 1bn over the past year, and that a limited number of units remain.
It is expected that these remaining units will all be sold during 2021, at a value of less than EGP 1bn, with the delivery of units scheduled to begin in the second half (H2) of 2021.
Regarding new marketing plans, City Edge announced that marketing for Maspero Nile Towers will start in the third quarter (Q3) of 2021, through which the company targets EGP 3bn in sales.
The first phase of Maspero Towers contains three 40-storey residential towers directly on the River Nile. Unit spaces, which will function as a full-service hotel finishing system, range from 50 sqm, with average available spaces ranging from 150 to 250 sqm. Various commercial spaces will also be offered at the Maspero Towers project this year, according to el-Mikawi.
Furthermore, City Edge will undertake marketing of a commercial area within buildings that are being implemented as 800 sqm of alternative housing for the people of Maspero.