Cornerstone Development, a real estate development company, has signed a development and construction contract for 60 acres in partnership with “Medar for Investment and Urban Development” in the third phase of mostakbal city in New Cairo.
This collaboration is part of Cornerstone Development’s commitment to expanding and diversifying its real estate portfolio by selecting prime locations for its projects and partnering with major entities to deliver projects that add value to the Egyptian market.
Cornerstone Development aims to implement a comprehensive urban project that adheres to the latest construction standards, incorporates sustainable practices, and green building techniques. The company will enlist the services of one of the largest consulting firms in the United States to develop the project concept.
“Medar for Investment and Urban Development” is the owner and general developer of Future City in New Cairo, and the company has provided a successful model for the general developer of integrated mega-cities.
Ayman El-Khawas, the Managing Director and CEO of Medar for Investment and Urban Development, stated that the collaboration with Cornerstone Development is part of the company’s commitment to working with serious companies that have exceptional ideas and expertise in the Egyptian market. He emphasized the mutual goal of implementing a project that incorporates the latest construction technologies and sustainability elements, creating added value for the Egyptian market.
El-Khawas emphasized that Future City is an urban extension and future-oriented development of the Eastern Cairo region. It is the largest environmentally friendly integrated urban community, covering an area of 5,200 acres. He also highlighted Medar’s strong commitment to supporting and enhancing all its projects with sustainable development elements, advanced infrastructure, and innovative solutions.
On the other hand, Ashraf Boules, Chairman of the Board and Managing Director of Cornerstone Development, stated that selecting Future City as the new investment destination for the company was based on extensive studies and the company’s belief in the city’s excellence in terms of its ideal location and the management’s commitment to accelerating development and implementation rates and overcoming all obstacles for the operating developers in the city. He described it as a major leap for the city.
He added that the city is witnessing significant progress in infrastructure development and service implementation and is highly sought after by customers interested in purchasing units in New Cairo.
He explained that Medar has taken great care in planning the city, with wide streets and central services that create rapid added value for projects. Additionally, the city is integrated with the New Administrative Capital.
Currently, Cornerstone Development is implementing “The Curve” compound in one of the prominent locations in the Administrative Capital, in the R8 district, directly adjacent to the Green River, in close proximity to the Mohamed Bin Zayed Axis, the airport, the Presidential Palace, and the ministries.
