Construction of mega ‘Montenapoleone’ project begins in Egypt
Reportage Properties, the leading UAE real estate developer, announced starting of construction works on the “Montenapoleone” project in “Mostakbal City” in New Cairo, Egypt.
The project which was launched in the middle of last year, is Reportage’s first project outside the UAE, and will be developed in cooperation with Al-Ahly Sabbour, the leading real estate developer in Egypt.
The “Montenapoleone” will be built on an area of 465,000 square meters, and will include 5,500 housing units. The project also provides an innovative fully-finished townhouses, in addition to apartments of distinct areas, starting from one to four bedrooms, with the highest levels of luxurious finishing. Units are expected to be handed off by the fourth quarter 2025.
Islam Ahmed Suleiman, CEO, Reportage Properties said that the start of construction works on the “Montenapoleone” project reflects Reportage’s commitment to build their projects on schedule, which enhances investors’ confidence and boosts their credibility in the real estate market, which is evident in achieving strong sales.
The company’s 2021 sales were nearly Dhs1.6b, compared to Dhs812m during 2020, with growth rate of up to 100%.
Suleiman said that the launch of the “Montenapoleone” project in last year, which is the company’s first project outside the UAE, reflects their strong financial position, the stability of their business model, and their ability to expand their portfolios. He noted that the company has an ambitious future plans for growth and expansion over the coming years.
The CEO added that investing in the Egyptian market reflects their confidence in the real estate sector in Egypt, that exposed remarkable growth and strong demand in recent years, in addition to the attractive, safe and stable investment environment in Egypt.
He pointed out that there was strong demand for “Montenapoleone” units during the past months from large variety of customers looking for buying housing units, especially in light of the remarkable positive developments in the Egyptian real estate sector.
The “Montenapolene” project is distinguished by its strategic location in Mostakbal City in New Cairo, which is in the heart of urban development initiative in eastern Cairo, next to the first phase of the New Administrative Capital. It overlook the most important landmarks and the modern road network near the Bin Zayed road, the middle ring and the Cairo-Suez Road.