Egyptian developer City Edge, a joint venture between New Urban Communities Authority (NUCA), under the housing ministry, and the Housing & Development Bank, has signed two agreements with property manager and operator Counsel Masters to operate the second phase of the Mamsha Ahl Masr promenade project, and extend the existing management contract for North Square Mall in New Alamein City.

Mohamed El-Dahan, CEO of City Edge, told Zawya Projects that Mamsha Ahl Masr project forms a key part of the government’s efforts to develop the Nile river’s east and west banks to offer recreational activities and spaces for citizens and tourists.

The first phase, which extends from the Imbaba Bridge to the 15th of May Bridge with a length of 1.8 km was inaugurated last March and is managed by Counsel Masters.

El-Dahan said the second phase is divided into three sectors: The first sector, called Al-Sahel, extends from Imbaba Bridge to Rod Al-Farag Bridge for 1.3 km with an area of 917 square metres (sqm) containing five buildings and a total rental area of 723 square metres (sqm) and two moorings.

The second sector, called Maspero, lies between the 15th of May Bridge and the 6th of October Bridge and consists of eight buildings with a total area of 1,500 sqm, total rental area of 875 sqm, and one marina.

The third sector, called Qasr El Nil, starts from the 6th of October Bridge to the Qasr El Nil Bridge and consists of five buildings and a floating restaurant with a total area of 1,196 sqm, a total rental area of 995 sqm and two moorings.

Counsel Masters was awarded the management contract for North Square Mall in June 2022.

El-Dahan said City Edge is planning to deliver 2,000 units in the New Administrative Capital and New Alamein City and deliver 300 units in Etapa residential project in Sheikh Zayed city during 2023. Last year, the developer delivered 300 units in New Alamein City, and 400 units in NAC.

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)