Emaar Misr launches EGP5.75bn Mivida community in New Cairo City

Mivida is Emaar Misr's third integrated project in Egypt following Uptown Cairo and Marassi, both of them currently being developed on schedule.

Mivida is a pioneering developmental concept in Egypt as it introduces smaller, smarter and cost-competitive fully-finished, ready to furnish residences that uphold Emaar's world-class quality standards. The mixed-use project is a celebration of urban city living in a suburban setting, featuring homes, commercial space and other amenities in a truly 'work, live and play' environment. Mivida, meaning 'My Life,' is being developed to meet the lifestyle aspirations of residents with a focus on the highest quality standards that cover all aspects of living including healthcare facilities, schooling, retail, hospitality and business, all set in close proximity to the homes.

The 3.8m sq m development is centrally located in New Cairo City and is only about 1.5 km from the American University in Cairo and only 20 minutes away from the Cairo International Airport. The integrated neighbourhood will feature 5,000 world-class apartments, townhouses and villas in sizes starting from 230 sq m. It is designed by international architects, and set amidst immaculately landscaped parks and other community amenities. All homes are developed to the highest standards and require minimal fitting out time for customers to live in following interior design of their choice. Customers will receive ready-to-furnish residences with air-conditioning, kitchen cabinets, doors and floorboards.

Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E, said:

"The launch of Mivida underscores our long-term commitment and confidence in the real estate market in Egypt. We strongly believe that the fundamentals of the market are robust and continue to present an attractive investment opportunity for both the local and the international markets. By offering world-class, well-designed units that suit smaller families, we are offering customers who value quality homes in an integrated community with several lifestyle amenities."

He added: "The construction of the Business Park and other infrastructure work is already underway, and master-planning has been completed. The model of the Mivida community is displayed at the Emaar Misr Sales Centre in Al Mukkatam. Sales of homes within the community will start shortly. Mivida will add to Emaar Misr's commitment to support Egypt's socio-economic growth by creating several hundred job opportunities."

Mivida highlights Emaar's core competencies in developing mixed-use communities cost-competitively by leveraging its expertise in superior standards of planning and implementing projects with attention to details. The focus of Mivida is on the end-user with all amenities integral to community living.

Mr Mohamed A. El Moshneb, Senior Director of Development, Emaar International, said: "The highlight of Mivida is its Santa Barbara California style ambience designed by international architects and featuring a mix of elegant villas and apartments designed in various architectural styles. One of the first fully integrated communities in New Cairo City, Mivida will feature a world-class hospital, several hospitality & leisure projects, commercial offices, retail outlets, a community centre, and several entertainment options that will appeal to all sections of customers. A central park sprawling over 30 acres of land will complement 222 acres of smaller community parks. "

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's projects are specifically planned to energise the economy by creating growth engines that support employment creation and the growth of ancillary industries.