Emaar Misr records overwhelming response to launch of Mivida villas

The sales event held at Emaar Misr Sales Centre in Cairo saw impressive turn-out of customers with only a few units left for sale, underscoring the continued investor appeal for elegantly designed villas in master-planned communities in the country.

Located in New Cairo City only 1.5 km away from the American University in Cairo and hardly 20 minutes from the Cairo International Airport, Mivida, meaning 'My Life' in Spanish, marks a first in Egyptian property sector with the introduction of attractively-priced, smartly designed, fully finished ready-to-live-in homes. Mivida is the third successful project launched by Emaar Misr, the wholly-owned subsidiary of Emaar Properties, in Egypt.

Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E, said: "The investor turnout and sales recorded for Mivida homes is a testament to the stronger resilience of the Egyptian property sector and customer confidence. Mivida is setting a new trend in the Egyptian property sector by offering value for money homes located in an integrated quality master-planned community, and we are thankful to the customers for their continued support to Emaar."

He added:

"The impressive response positions the first major launch of a real estate project in Egypt this year as a true 'real estate event of 2009.' The response will further boost the property sector and support the government's policy of strengthening the market through investor-friendly legislations and support."

The Mivida villas, currently offered for sale, range in size from 220 sq m and are designed in four architectural styles - Santa Barbara, Tuscan, Mediterranean and Andalusian. Designed by a team of international architects based in California, the homes are ideal for individuals and families and are set in a 'work, live and play' environment. Community amenities include schools, business parks, hotels and healthcare facilities. Another highlight of Mivida is a central park spread over 30 acres and 222 acres of smaller community parks.

A model of the Mivida masterplan and detailed renderings of the project are on display at the Emaar Misr Sales Centre in Cairo.

With a development value of EGP5.75bn Mivida is set in 3.8 million sq m and features 5,000 homes including three- to five-bedroom villas, two- to three-bedroom townhomes and a range of apartments. All units are air-conditioned and have fully finished bathrooms with all accessories. Customers have the option of choosing quality finishes and fittings.

Uptown Cairo and Marassi, the two earlier projects launched by Emaar Misr, are progressing on schedule. Work on the construction of the business park in Mivida is also progressing.