Business | Property
Emaar Misr unveils New Cairo City project
Emaar Misr for Development, the wholly owned subsidiary of Emaar Properties, has unveiled the components of its 5.75 billion Egyptian pounds ($1 billion) New Cairo City project - an elegant, Santa Barbara California-inspired residential and mixed-use development of 885 acres near the American University in Cairo and just 20 minutes from the Cairo International Airport.
- Staff Report
- Published: 00:43 May 9, 2008
- 885 acre project to have more than 5,000 homes.
- Lushly landscaped 30 acres central park with an additional 222 acres of community parks.
- Live and work from 1 million square feet of business offices; Modern healthcare centre.
- Full integrated community with education, recreation, convenience shopping and entertainment for all residents.
Dubai: Emaar Misr for Development, the wholly owned subsidiary of Emaar Properties, has unveiled the components of its 5.75 billion Egyptian pounds ($1 billion) New Cairo City project - an elegant, Santa Barbara California-inspired residential and mixed-use development of 885 acres near the American University in Cairo and just 20 minutes from the Cairo International Airport.
A fully integrated community in line with Emaar's master-planned communities around the world, the project is located in the fifth district of New Cairo City. Its residential components include over 1,200 fully detached homes, 1,200 townhouses and 3,500 apartments.
Other key components are more than 2 million square feet of commercial offices in a modern Business Park setting, an advanced 1 million square feet healthcare centre, two hotels, shopping centres and a world-class school. The architectural details and master-plan are being completed on a fast-track basis with the launch scheduled soon.
Emaar Misr is one of the largest foreign direct investors in the country's real estate sector with a development portfolio of 31.67 billion pounds ($5.75 billion). Emaar Misr's current portfolio also includes the $2.1 billion Uptown Cairo; the $1.74 billion Marassi; and the $700 million Cairo Gate mixed-use project on the Cairo-Alexandria Road.
Sameh Muhtadi, Chief Executive of Emaar Misr for Development, said: "Emaar is going full-steam ahead with the four projects announced in Egypt. The strong investor response to Uptown Cairo and Marassi, and the interest generated by Cairo Gate signal the trust of the Egyptian public in Emaar's projects."
The 30-acre central park and several kilometres of bicycle and walking trails will be the largest amenity within the project, linking all communities with active leisure activities.
Emaar's expansion to Egypt is in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation.
Components: Integrated community
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