Progate Development launched on March 27, the first day of Cityscape Egypt 2019, its newest residential project in the New Administrative Capital (NAC), Zavani, Invest-Gate reports.
Zavani is being developed with investments worth EGP 2 bn on a total area of 33 acres in NAC’s Diplomatic District, featuring a variety of residential units with designs mixing originality and modernity, according to a statement released earlier by the developer.
Mohab Fahmi, chairman of Progate, highlighted that Zavani marks the largest and one of the most important projects being developed by the company since its establishment in 2010. He pointed out that the compound will comprise 1,376 fully- and semi-finished housing units, varying between luxury apartments, duplexes, and penthouses, with areas ranging from 122 to 366 square meters.
The project’s green spaces represent 80% of the total area to provide a unique lifestyle, Fahmy elaborated, confirming that Progate is offering clients a variety of payment plans to suit the various purchasing powers.
The chairman highlighted that real estate is one of the strategic sectors, accounting for 16.2% of the national income and has about 11.4% of the total employment. He pointed out that the Egyptian market has many real investment opportunities, which are expected to increase over the upcoming five years in light of the increase in demand against supply. In addition, he revealed that Progate has succeeded over the past few years to become one of the leading firms in the fields of residential, commercial, and hospitality.
Meanwhile, Progate’s Sales Director Alaa El-Keraby told Invest-Gate that the company also showcased another residential project, “The K” in Sahl Hasheesh, during the four-day exhibition, which was held at the Egypt International Exhibition Center (EIEC).
The K in Sahl Hasheesh is being implemented with EGP 1 bn worth of investments. He further added that the company is also developing Centro Business Hub in New Cairo, with investments up to EGP 400 mn, according to Fahmi.
