Egypt's Mabany Edris launches $266mln ONS New Zayed project
Egyptian private real estate developer Mabany Edris announced the launch of 'Ons New Zayed,' a new residential project in New Zayed City, with total investments of 13.5 billion Egyptian pounds ($266 million)
The company's CEO Mohamed Idris told Zawya Projects that the 84-acre project will feature 1,012 units ranging from one-bedroom apartments to townhouses, twin houses, and villas.
He said the developer has partnered with Alchemy Design Studio to develop the architectural design.
The project will also include hotel apartments targeted at foreign visitors, a hotel to support the city's growing tourism sector, a social club, administrative and commercial spaces, sports courts, and a mosque.
Idris noted that Ons New Zayed is strategically located in New Zayed City to align with West Cairo's growing real estate, tourism, and services demand, particularly with the upcoming inauguration of the Grand Egyptian Museum and the operation of Sphinx International Airport.
The project will be developed over four phases, with the residential component covering no more than 15 percent of the total area. The buildings will comprise a ground floor and two stories. Delivery of the first phase is scheduled for 2029, with full project completion expected within four years.
Idris said the company plans to invest an additional EGP 2 billion ($39 million) in 2025, allocating EGP 1 billion ($20 million) to construction works. He added that EGP 200 million ($4 million) had already been spent in the first quarter of the year to accelerate project execution.
The company aims to deliver at least 300 units in 2025 and is in negotiations to acquire more land in the 6th of October City, East Cairo, the North Coast, and New Assiut, Idris disclosed
He also provided an update on the company's 'Koun' project in Ras Al Hekma on the North Coast, saying 30 percent of the first phase has been completed. Spanning 110 acres at Kilo 201 on the Alexandria-Marsa Matrouh Road, 'Koun' includes over 1,500 units ranging from chalets to villas, with delivery scheduled for 2027.
Founded more than 25 years ago, Mabany Edris has built a diversified real estate portfolio that includes residential, commercial, administrative, medical, and industrial projects, with a significant presence in West Cairo.
(1 US Dollar = 50.76 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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