Islam Ghoneim, CEO of Ghoneim Developments Group (GDG), announced that the company is accelerating the development of The Novelist project in Upper Mokattam, positioning the area as one of East Cairo’s most promising emerging residential destinations.
Spanning over 30 feddans, The Novelist includes 1,694 residential units with views of the New Mokattam Corniche and the Abdel Meguid Mahmoud Axis. Designed by Azure Architects, the project is planned as a multi-phase, mixed-use residential community.
Ghoneim highlighted Upper Mokattam’s potential as an up-and-coming residential area, offering elevated topography with panoramic views and better air quality than denser urban areas. Its strategic proximity to New Cairo, Maadi, and Nasr City, along with direct access to major roads, further enhances its appeal.
However, Ghoneim pointed out that despite these advantages, Upper Mokattam lacks fully integrated residential developments offering a comprehensive lifestyle experience. Most existing projects consist of standalone buildings or small-scale developments without the master-planned infrastructure typical of gated communities.
Amenities such as clubhouses, commercial areas, healthcare facilities, and international schools remain limited, creating a significant opportunity for large-scale, mixed-use developments. “As demand shifts toward community-centered living environments, Upper Mokattam is well-positioned to become a fully integrated destination that caters to middle- and upper-middle-income buyers seeking quality, accessibility, and value,” Ghoneim said.
GDG has already achieved EGP 3 billion in sales in just six months since launching the project, with approximately 630 units sold across the first two phases, which began sales in the second half of last year. The company is targeting total sales of EGP 11bn by the end of 2026.
The development will be delivered in five phases, with overall completion scheduled for 2029. Phase three of the residential component is set to launch in 2026, along with a new retail and office development in Mokattam.
In addition to residential units, GDG has dedicated 10 feddans of The Novelist to retail, office, and medical units fronting the Mokattam Corniche. This commercial component is scheduled for launch in April 2026 and will serve both the project’s residents and the broader Mokattam area.
Ghoneim emphasized that GDG operates on a fully self-funded model and does not rely on bank financing for its projects. “We are not resorting to bank loans. All our developments are self-financed, giving us flexibility and financial stability,” he stated.
Looking beyond Mokattam, GDG is preparing to expand into the tourism sector. The company plans to launch a new coastal tourism project in Ras Sedr, South Sinai, in September 2026. GDG has already developed 50 feddans of its 150-feddan land portfolio in the area through self-financing. The first phase of this development will feature 540 units, including villas, chalets, and apartments, all with sea views.
Ghoneim also shared his outlook on the real estate market, predicting continued price increases. He noted that property values in Egypt have historically trended upward and rarely experience long-term declines. He also expressed concern about overly long payment plans, which, while driving demand, can distort pricing structures and create market imbalances.
With The Novelist progressing through its phased development and new launches planned in both Mokattam and Ras Sedr, GDG aims to solidify its position as a self-financed developer focused on integrated communities and disciplined growth.
