Re Developments has announced the launch of the second phase of its Y21 project in the Fifth Settlement, featuring an investment outlay of EGP 500 mn and a projected sales value of EGP 750 mn, Invest-Gate reports.

Ahmed Khattab, CEO of Re Developments, delineated the company’s pioneering role in introducing the inaugural commercial, administrative, and medical complex in the Jasmine area of the Fifth Settlement, embodied by the distinct Y21 project. Noteworthy for its prime positioning facing Petrosport Club and ranking third in the locale, the project offers unparalleled accessibility.

Khattab outlined that the project spans 1,800 sqm with a building ratio of 40%, comprising two phases. The first phase, launched in May, garnered exceptional interest with approximately 60% of the units sold.

The ongoing second phase, a distinguished administrative venture, features nine fully furnished units equipped with air conditioning, a panoramic elevator exclusive to the phase, individual entrances for each unit, diverse layouts to accommodate varied needs, and a dedicated restroom for every unit.

He highlighted the partnership with Art Line, a prominent engineering consultancy renowned for its innovative, straightforward, and energy-efficient design solutions. Discussions are underway with prominent property management firms for project oversight.

According to the outlined timeline, completion is slated within 36 months, with construction commencing in September.

Additionally, Khattab disclosed the company’s strategic vision to undertake three projects annually targeting diverse regions to broaden its investment portfolio and clientele base. An upcoming residential project by year-end aims to elevate total investments to EGP 2.1 bn by 2024.

Expansion plans include ventures in 6th of October City, Ain Sokhna, and the Fifth Settlement in 2025 encompassing residential, commercial, administrative, and medical projects, positioning Re Developments as a key player in Egypt’s real estate landscape.