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Edge Holding logs EGP 1.5bn sales from new capital’s project

Edge Holding logs EGP 1.5bn sales from new capital’s project

By: Abdallah Bedeir

Cairo – Mubasher: Edge Holding for Urban Development has achieved around EGP 1.5 billion in sales from “OIA” project at the New Administrative Capital.

The real estate firm has sold around 50% of the project’s residential units, the vice chairman told Mubasher.

Edge Holding targets residential sales of EGP 3 billion, Nader Badr said, adding that the company has obtained the ministerial decree from the new capital’s company days ago.

Spanning over 30 acres, Edge Holding had launched its first project “OIA” in the New Administrative Capital this year.

The firm is an Egyptian-Saudi joint venture formed by Egypt’s Al-Borouj and Saudi Arabia’s Wallan and El-Mashareq.

Badr noted that the project will be completely delivered within a four-year period ending in 2020.

The project’s mall, extending over 15,000 metres, has been offered for sale, he pointed out.

The company aims to generate sales of EGP 1 billion from the mall within three months, he stressed.

Badr also said that Edge Holding will announce further details regarding two projects in the new capital and New Alamein in early 2019.

Translated by: Mai Ezz El-Din