Emaar heads for Cairo Heights

26 August 2005
Dubai-based property developer Emaarand the local El-Nasr Housing & Development Companyhave teamed up to develop a large-scale, mixed-use real estate development in downtown Cairo. The estimated $4,000 million Cairo Heights project will be built in the capital's Mukattam area and is due for completion in 2010.

The development will establish a new district in the capital made up of seven communities, each of which will have distinct features and consist of low-to-medium-rise buildings of three-22 storeys. In total, it will offer 30,000 luxury apartments.

Under the development plan, Cairo Heights will also see the construction of a town centre, a private clubhouse, hotels, entertainment, healthcare and retail facilities and mosques, among other facilities and infrastructure. The project will be located at the highest point of downtown Cairo and cover an area of 4 million square metres.

Contractors say the first construction packages on the scheme, excavation and ground levelling works, are due to be released shortly. Los Angeles-based RNL Internationalis the concept designer; a project manager is still to be appointed.

No details have been made available on the financing of the project, although Emaar has said that fresh funds from a capital increase, through a 1:1 rights issue, will be used to finance expansion plans abroad.

El-Nasr is an affiliate of the government-owned Housing Tourism & Cinema Holding Company.

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