Real estate company New City Developments launches US$160m new project

EGYPT New City Developments, one of the leading real estate companies in Egypt, has launched their latest ground-breaking project namely ECO West Project, which will be the first real estate project in the North African country that aims to inspire contemporary lives of generations in fully integrated communities.

According to New City Developments CEO Rami Youssef, the company injected approximately EGP 2.5 billion (US$160m) investments in the 3,800-unit project and is set to be developed over four years.

ECO West project will be developed at the heart of 6th of October City on a land area of 120 Acres.  It is intended to provide a unique experience for its residential units with a smart modern design based on a European Japanese architecture that makes best use of its land areas.

Generally, the ECO West Project will provide integrated and adequate housing solutions that fill the gaps between consumers’ aspirations and financial capabilities. It targets the ambitious socioeconomic class within the society, as they consume a huge fraction of the total population, enabling them a satisfying living experience.

“We believe that Eco West is the ultimate solution to fulfil the demand of the ambitious Middle and Upper Middle classes, who make up about 35% of society,” Yousef said.

The project’s development is scheduled to start in the second half (H2) of 2021, provided that the delivery of units will start within four years, he revealed.

“The company does not aim to provide residential units only, but rather to provide an integrated product that includes various international and experimental schools,” Youssef said.

“Additionally, the company aims to provide health insurance for the compound residents for those who want.”

He added that the project includes all services that customers need, including a social sports club, commercial and entertainment services, large green spaces, and all private units.

“Eco West provides a smart modern design based on a European Japanese architecture that makes best use of its land areas,” Youssef said.

“The project comes in line with New City’s strategy that revolutionises the real estate industry in Egypt, altering its patterns through creating modern housing solutions characterised by diversity and integration to meet customers’ aspirations.”

A group of Egyptian businesspeople acquired New City Housing and Development, previously known as Orascom Housing Communities which had been owned by Orascom Development Egypt.

The acquisition, which took place last December through a UK investment fund and a GB Capital company owned by Egyptian investor Raouf Ghabbour, cost a total of EGP 128.6 million.

The company is keen to conduct extensive studies to assess real demand in the market, he said, added that the company offers units with areas starting from 80 sqm at a price of EGP 800,000.

New City aims to further spread the concept of ECO West across Egypt, to enable this experience to most of the population with the intention of expanding throughout Africa in the long-term, Youssef said.

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