The UAE-based Reportage Properties has announced launching its real estate project, Montenapoleone, in Mostakbal City, east Cairo, in partnership with Al Ahly – Sabbour Developments with initial investments reaching EGP 12bn.
Hanna Karam, Regional Head at Reportage Properties, said the project will be built on 110 feddan in Mostakbal city.
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 the 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, explaining 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 the real estate sector.
“Reportage has developed great projects in the UAE, where the company’s total investments in the UAE are worth approximately EGP 100bn,” he explained. “The strength of competition in the 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 benefits customers.”
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 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 chose 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.