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City Edge eyes annual sales of EGP 30bn after 3 years - Daily News Egypt

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City Edge eyes annual sales of EGP 30bn after 3 years

Company plans to turn into general developer by end of 2023

City Edge Developments is looking to achieve annual sales of EGP 30bn after three years, according to the company’s Chairperson Ashraf Salman.

Salman said that his company expects to exceed EGP 11bn in sales in 2020, up from EGP 10.5bn in 2019 and EGP 8bn in 2018.

He added that about 65% of this year’s expected sales will come from the company’s New Alamein projects, 10% from the Etapa and Etapa Square projects in Sheikh Zayed city; 20% from Al Maqsad Development in the New Administrative Capital (NAC); and 5% from New Mansoura’s Zahya project.

Aside from developing its own projects, City Edge Developments also manages and markets projects, owned by the New Urban Communities Authority (NUCA), at New Alamein and New Mansoura cities.

Salman said that the company is working in several sectors, namely in real estate development and marketing projects for NUCA, in addition to asset management. He also said that hotel and facilities management companies will soon be launched, taking responsibility for managing assets owned by the company and the state.

He added that City Edge Development plans to transform into a general developer by the end of 2023, at the same time as becoming a holding company. He further revealed that, next year, the company will direct EGP 3bn in investments into the Etapa and Etapa Square projects.

The company owns the Etapa and Etapa Square projects in Sheikh Zayed city in west Cairo, with the two projects covering an area of over 85,000 sqm, said CEO Mohamed Mekawy.

Mekawy said that the company has a acquired a 300 sqm plot of land in New Cairo, with a land value worth EGP 4bn, on which a mixed-use project from NUCA will be constructed.

He added that the company intends to launch and introduce the New Cairo project in the second quarter (Q2) of 2021.

Topics: City Edge

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