Emaar unveils $1bn Cairo project


Emaar Misr for Development, the wholly owned subsidiary of Dubai-based Emaar Properties, has unveiled the components of its EGP5.75 billion ($1.07bn) New Cairo City project – a Santa Barbara, California-inspired residential and mixed-use development of 885 acres near the American University in Cairo.

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 more than 1,200 fully detached homes, 1,200 townhouses and 3,500 apartments. Other key components are more than two million square foot of commercial offices in a modern Business Park setting, an advanced one million square feet Healthcare Centre, two hotels, shopping centres 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 EGP31.67bn. Emaar Misr's current portfolio also includes the EGP12bn Uptown Cairo; the EGP9.92bn Marassi; and the EGP4bn Cairo Gate mixed-use project on the Cairo-Alexandria Road.

Sameh Muhtadi, CEO, Emaar Misr for Development, 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 signals the trust of the Egyptian public in Emaar's projects."

"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," he added.

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 and fitness facilities, bicycle paths, swimming pools and children's play areas. 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 kilometres of bicycle and walking trails will be the largest amenity within the project, linking all communities with active leisure activities. Shopping centres are modelled on the open-air lifestyle concept popular in California, featuring beautifully landscaped terraces and dancing fountains, spacious cafés under the sun and stars, and relaxing coffee shops to meet friends or do business. The town centre is a lively palm tree-lined retail promenade blending the best of European city lifestyle and Santa Barbara architecture, and with leading retail brands and 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 –business hotel on the Park and a resort-style hotel serving the medical centre.