Cairo, Egypt; May 8, 2008: Emaar Misr for Development S.A.E, the wholly owned subsidiary of Emaar Properties PJSC, has unveiled the components of its EGP 5.75 billion (US$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 sq ft Healthcare Center, two hotels, shopping centers 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 EGP 31.67 billion (US$5.75 billion). Emaar Misr’s current portfolio also includes the EGP 12 billion (US$2.1 billion) Uptown Cairo; the EGP 9.92 billion (US$1.74 billion) Marassi; and the EGP 4 billion (US$700 million) Cairo Gate mixed-use project on the Cairo-Alexandria Road.
Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E, 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.”
He added: “Our new mixed-use project in the fifth district of New Cairo City will complement our efforts in contributing to the rapid growth of Egypt by creating great places for businesses to thrive, and support the growth of sectors such as hospitality, retail and property.”
The residential offering at the project includes elegant villas on gently sloping parks, townhomes and low-rise apartments with spacious balconies, all linked to a wide range of amenities ranging from heath & fitness facilities, bicycle paths, swimming pools and children’s play areas to places of worship, community centres and retail centres. The Business Park will be an anchor for progressive companies seeking the best corporate facilities in a garden setting.
The 12 hectare Central Park and several kilometers of bicycle & walking trails will be the largest amenity within the project, linking all communities with active leisure activities. Shopping centers are modelled on the open-air lifestyle concept popular in California, featuring beautifully landscaped terraces & dancing fountains, spacious eateries under the sun & stars, and relaxing coffee shops to meet friends or do business. The town center is a lively palm tree-lined retail promenade blending the best of European city lifestyle and Santa Barbara architecture, and with leading retail brands & restaurants.
Another highlight of the project is The Healthcare Center featuring a medical research centre, offices and a full-fledged hospital. The Hospitality components include two hotels - a state-of-the-art Business Hotel on the Park and a resort-style hotel serving the Medical Center - both to be managed by top-notch international operators.
Mr Mohamed A. El Moshneb, Senior Director - Development, Emaar International, said: “The components of the project have been carefully balanced & designed to ensure that residents have a vibrant environment, where they can work, live and enjoy a wide range of entertainment & leisure options. The ‘American Riviera’ is a city with elegant Spanish-Moorish architecture, which is our inspiration for the project. We have engaged the very best planners, architects, interior designers and landscape architects to make our dream into a reality for our customers. It is a perfect fit to Emaar’s approach to deliver fully integrated lifestyle communities by emphasizing on education, healthcare, shopping malls and hospitality & leisure apart from property development.”
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.
