Egyptian developer Cred announced on Wednesday the launch of its 30 billion Egyptian pound ($974 million) Ever New Cairo, the company’s largest project to date in partnership with New Urban Communities Authority (NUCA).

The integrated project, spread over an area of 128.5 acres, is located in 6th settlement in East Cairo, and will be implemented over four phases.

Ever New Cairo will feature 2,100 residential units with a total built-up area of 350,000 square metres (sqm).

The units comprise 500 villas, 1600 fully finished apartments as well as a commercial district.

Construction will start in 2025 and complete in 2031.

The company is targeting sales worth EGP35 billion from the first phase, which is expected to be delivered in 2029. 

The project has been designed by local firms Ismail Habruk Engineering Consulting Office and DIE STADT.

Cred’s ongoing projects include the EGP12 billion ($388 million) Ever in West Cairo, the EGP3.7 billion ($120 million) CLM and EGP800 million ($26 million) East Side, both located in the New Administrative Capital (NAC).

(1 US Dollar = 30.90 Egyptian Pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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