City Edge Developments announced the launch of Al Maqsad project in the New Administrative Capital (NAC) with EGP 1bn expected sales from the sale of the first phase.
During a media tour on Monday, Amr El-Kady, the CEO of City Edge Developments, said that the project spans over 211 feddan in the R3 region at the NAC.
El-Kady noted that the project is on-plan and is being marketed on eight phases, explaining that the expected sales of the first phase is worth EGP 1bn.
Moreover, he pointed out that the project comprises 952 units varying between townhouses on 413 sqm and 424 sqm, townhouses on 370 sqm and 400 sqm, as well as standalone villas on 336 sqm, with development rates reaching 70%, explaining that part of the project has been 100% completed.
El-Kady revealed that the company plans to hand over the project in the last quarter of 2019.
He elaborated that the company has achieved EGP 8.5bn sales in New Alamein by the end of 2018, and has achieved EGP 500m sales in the city in the first two months of the current year.
Moreover, the company achieved EGP 1.5bn sales in New Mansoura in 2018, and EGP 600m in the first two months of 2019, according to El-Kady.