STM Targets $3.6B in Kayan City Sales Over Five Years
The Egyptian investment group expects EGP 200 billion from the first phase of its 22,000-feddan East Cairo development, announced during a site tour.
STM Investment is targeting more than $3.6 billion, or EGP 200 billion, in sales from the first phase of Kayan City over five years, the Egyptian investment group said in an Oct. 18 statement.
Kayan City sits in East Cairo on more than 22,000 feddans, along the extension of South 90th Street in New Cairo and west of the New Capital, Egypt's new seat of government. The master plan calls for about 40,000 residential units. The first phase is designed for roughly 250,000 residents, and capacity climbs as later phases are completed.
The launch was announced during a site tour. Homes range from fully finished apartments starting at 85 square meters to villas starting at 230 square meters, and some units are ready for immediate delivery.
Chief executive Shady Selim said services at Kayan City are being run alongside the development of new phases. Schools, a university, hospitals, shopping malls and sports clubs already operate there.
The master plan sets out three hospitals, 18 schools and nurseries, five shopping malls, seven sports clubs and facilities, 27 places of worship, two hotels with about 1,000 rooms between them and an 80-feddan central park. Schools teach Egyptian and international curricula and include Northgate International School, the Egyptian-Japanese School and the Egyptian-German School. Kayan University covers about 140 feddans and has six colleges. Among the sports venues are the Kayan Equestrian Club and the Leads, Karma and Kayan clubs. A public transport network, high-speed communications and artificial intelligence applications for running the city are planned.
Vice chairman and managing director Abdel Rahman El-Gohary said STM brought in international consultants and specialized operators to handle city and facilities management. The group is working with other developers at the site: Mountain View is building the Grand Valleys residential project inside Kayan City. STM has partnered with La Vista, IL Cazar and Hassan Allam, and its portfolio includes Mayan New Cairo, Mayan El Shorouk and Eleven in New Cairo, along with commercial, educational and sports investments.
The sales target lands in a crowded pipeline of large Egyptian developments. In October the government agreed with TMG Holding on four mixed-use projects worth $202.2 billion, and it launched an investment zone for Qatari Diar's Alam Al Roum on the northwestern coast. Dubai-headquartered Majid Al Futtaim broke ground on a $385 million, or EGP 20 billion, business park in West Cairo.
