The UAE company, Reportage Properties, intends to launch its Montenapoleone real estate project in Mostakbal City, east Cairo, in partnership with Al Ahly – Sabbour Developments with initial investments reach EGP 12bn.
Hanna Karam, Regional Head at Reportage Properties, said that the project will be built on 110 acres in Mostakbal city, added that the company began its constructions. TIJ Contracting, one of the companies owned by the parent company Reportage Properties, carries out construction work, which supports the company’s credibility with its clients.
Karam revealed the most prominent feature of the company’s plan is to invest in Egyptian real estate market, by launching more than five projects in the next 10 years, in areas of Ain Sokhna, North Coast and the New Administrative Capital.
Reportage is also looking forward to more partnerships in the Egyptian market, he noted, explained that the investment in the New Capital is part of the company’s investment map, as it is looking forward to fruitful cooperation at every phase of its investment with all sectors supporting real estate sector.
He elaborated that all the company’s projects are self-financed, added that its shareholders’ structure includes Aref Al Khouri and Ismail Al Khouri.
“Reportage has developed great projects in the UAE, where the company’s total investments in the UAE worth approximately EGP 100bn,” he explained. “The strength of competition in Egyptian real estate market benefits the entire market and enhances capabilities of real estate companies towards more innovation and creativity in their projects. This leads to the presence of a strong market that ultimately benefit customer.”
He explained that the comprehensive urban development that Egypt is currently implementing has led to the emergence of a new generation of real estate developers and companies. Moreover, the Egyptian state is working with all its capacity to organize this large market and regulate relationship between developers and customers. Moreover, decisions and directives that were recently announced contribute to more regulation of this market, especially President Sisi’s decision not to start selling any project before constructing 30% of it in order to ensure companies commitment to protect customer dues.
He pointed out that the initiative of the Central Bank of Egypt to provide mortgage financing at an interest rate of 3% for a period of 30 years leads to revitalizing real estate market and bridging the gap between purchasing power and prices.
Marketing Manager at Reportage Egypt Ahmed Nasser said that the Montenapoleone project comprises units with spaces ranging from 51 to 232 sqm, explained that the Egyptian customer has become, despite the strength of competition, able to choose project that suits his needs and financial capabilities, and to choose developer who trusts.
Nasser stressed that the company relies on quality and trust with customers, appropriate price and distinguished location of the project to compete in Egyptian real estate market, besides, commitment in completing the project according to specific timetables. Consequently, the company ensures the reputation that Al Ahly – Sabbour Developments has gained in dealing with its customers in the Egyptian market.
He stated that Reportage aims to achieve EGP 1.5bn of sales in the project by the end of 2021, added that the company has recorded EGP 350m in sales since the project launch until now.
The company chosed Mostakbal City to invest in due to its being a smart city developed by a group of distinguished investors, and its prime location near the New Administrative Capital enhances investment opportunities in it, he disclosed.
Furthermore, Nasser noted that Al Ahly – Sabbour is one of the reputable and pioneering companies in Egyptian real estate market, and cooperation with it had previously been carried out in the UAE in one of the projects. The two companies decided to repeat the successful experience in Egypt by investing in a new project.
He projected price increases in local market in the coming period due to price hikes in building materials, as well as, with the continuation and completion of development in many new cities.
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