The Suez Canal Authority (SCA) has signed a cooperation protocol with Egyptian Engineering to commence the rollout of housing units in New Ismailia City, a landmark urban development project. The agreement, witnessed by Lieutenant General Osama Rabie, Chairman of the SCA, marks a strategic step toward expanding residential opportunities in the region.
The Egyptian Engineering Group has joined forces with Go Green Real Estate, a leader in the Egyptian property market, to establish the New Land Real Estate Alliance, responsible for managing the sales and marketing of the project. This partnership aims to introduce modern marketing strategies to ensure successful sales performance.
Speaking at the signing event, Osama Rabie emphasized Egypt’s significant progress in urban development, aligning with President Abdel Fattah El-Sisi’s vision of creating sustainable, high-quality housing for all citizens.
He highlighted New Ismailia City’s prime location on the Suez Canal’s eastern shore, making it a pivotal expansion in Sinai’s urban growth. The city is equipped with essential infrastructure, including tunnels, floating bridges, and a well-integrated transportation network.
Eng. Ashraf Khanifer, Chairman of Egyptian Engineering, underscored the project’s economic and social impact. Designed as a fully integrated urban hub, the city includes commercial, educational, recreational, and sports facilities.
Meanwhile, Eng. Hisham El-Masry, Chairman of Go Green Real Estate, described the first offering as a unique investment opportunity, with ready-to-move-in units featuring flexible payment plans of up to 20 years.
As part of the SCA’s commitment to community development, Rabie confirmed that the authority has allocated residential units for administrative use while offering the remaining apartments to the public at non-profit rates. This initiative aligns with the Egyptian government’s housing strategy, supported by the Central Bank of Egypt’s real estate finance program for middle-income citizens.
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The first phase includes the sale of 960 fully finished apartments in New Ismailia City’s first district, spanning 35 buildings with unit sizes of 100m², 135m², and 165m², all offering modern facilities and extended repayment options. Additional units will be made available in future phases.
New Ismailia City, covering 8,000 acres, is one of Egypt’s largest national urban projects. With 56,000 residential units across five districts, the city can accommodate 320,000 residents. It features dedicated service zones for each district, along with a central hub housing a medical complex, government offices, a police headquarters, a mosque, a church, and social, sports, and educational facilities.
In a related development, Suez Canal Authority has also signed a protocol with Suez Canal Bank to provide real estate financing solutions for citizens purchasing units in New Ismailia City.
The agreement, signed by Dr. Muntasser Khalil Abdel Fattah (SCA) and Al Haitham Al-Cyprusully (Head of Corporate Finance, Suez Canal Bank), aims to facilitate long-term repayment plans with favorable terms.
With this strategic initiative, SCA, Egyptian Engineering, and Go Green Real Estate reaffirm their commitment to advancing Egypt’s housing sector, ensuring affordability, and promoting sustainable urban development.
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