IL Cazar Developments has launched its latest project, THE CREST, in New Cairo, with a total investment of about EGP 60bn. The project is part of the company’s expansion plan to launch several diverse projects in 2024 and 2025.
Nader Khozam, the Chairperson of IL Cazar Developments, said that THE CREST is a residential project that covers an area of 158 feddan. It offers various residential units, such as apartments, villas, quadros, and townhouses, with different sizes and views. The project has 3,000 residential units, with spaces ranging from 85 sqm for apartments to 400 sqm for villas.
Khozam said that the project construction is planned to start in the summer of 2024, and the delivery is expected to begin by the end of 2027.
He added that the project provides various services with a total area of about 35,000 sqm, and has a built-up area of only 17%. The rest of the project area is dedicated to services and green spaces.
He pointed out that the company has a portfolio of real estate projects with a total of 6 projects, 3 of which have been launched so far, and 3 of which are planned to be launched in 2024 and 2025. The company is developing the Go Heliopolis project with a construction rate of 90%, and it plans to start delivering it in 2024. The project has about 1,000 residential units.
The company is also developing the Creek Town project with a construction rate of 96%. It is a mixed-use project with commercial, administrative, and residential activities. The delivery is scheduled to start in the fourth quarter of 2024. The project’s residential units have been sold out by 80%, and the commercial part, which includes administrative and commercial units, will be launched in the fourth quarter of this year. The delivery will start in 2025.
He concluded that the company plans to launch new projects with a total of about 1,000 feddan in the current year in New Cairo, the North Coast, and the 6th of October City. This is part of an expansion plan that aims to achieve diversity in its project portfolio and to meet customer demands.