Egypt-based privately-held developer IL Cazar for Urban Development is preparing to launch the second phase of its flagship project, The Crest, in New Cairo this month, the company chairman said,
Nader Khozam told Zawya Projects that the new phase includes 200 units, comprising apartments, duplexes, villas, and townhouses.
The total investment in the 158-acre development has reached 30 billion Egyptian pounds ($620 million), he said, adding that it will be delivered in four phases, with final completion set for 2027.
The Crest’s architect Raef Fahmy Architects also designed IL Cazar’s EGP60 billion ($1.2 billion) North Coast project Safia Ras El-Hikma, revealed Khozam
Safia Ras El-Hikma spans 180 acres and includes both residential units and a luxury hotel.
” Safia Ras El-Hikma’s built-up area covers only 15 percent of the total land, with the remainder dedicated to artificial lakes, green spaces, and amenities,” Khozam noted, adding that the project will be delivered by 2029.
IL Cazar is also advancing its Creek Town project, a 100-acre residential development located in The First Settlement. The project features 1,500 residential units, including apartments, townhouses, and villas. With construction managed by Shaddad Construction, the project is 95 percent complete, Khozam confirmed that unit deliveries have already begun
Go Heliopolis, the company’s first residential complex in the Heliopolis district, achieved its EGP 2 billion ($41 million) sales target for this year, said Khozam.
The EGP5 billion ($103 million) mixed-use project covers an area of 18,000 square metres, and includes residential, commercial, and administrative spaces. IL Cazar has delivered 246 units, part of the project’s total 1,000-unit offering.
Looking ahead, Khozam said the company is set to launch a 100-acre residential project in the 6th of October City and a 300 acre-project in New Cairo by end-2024.
Il Cazar Urban Development is developing eight projects across residential, commercial, and office sectors in East Cairo and the North Coast. Khozam noted that this year, the company delivered approximately 500 residential units and 100 commercial and administrative units, and is targeting to deliver 1,000 residential units by the end of 2025.
(1 USD= 48.41 Egyptian Pound)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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