Egypt-based real estate developer Reedy Group has revealed plans to start handing over phase I of its contemporary gated community in New Cairo, or “Azzar,” thereby delivering almost 70% of the project’s total residential units, Invest-Gate reports.
“Azzar’s delivery will conclude one year ahead of schedule, as part of our plan to reassure our customers and foster a high level of confidence,” Karim El Reedy, the company’s CEO, was quoted as saying in a press release in early December, indicating that the 152-home compound is being developed over two phases.
With on-site work commencing back in 2018, the 25-acre integrated project has so far seen EGP 1 bn worth of investments, with an additional EGP 500 mn planned for the coming year, El Reedy continued, highlighting that Azzar offers a mix of between standalone villas, townhouses, and twin houses.
There is also a commercial component that comprises 11,000 square meters of leasable area. With intentions to begin operations by December 2021, Reedy Group will fully manage this project upon completion, either through its facility management company or in partnership with another firm. However, talks are still underway, he added.
While ensuring stringent quality controls and maintaining the very highest standards of luxury living, Reedy Group has set up an in-house groundwater well to serve the compound’s residents and guarantee continuous water supply. Further, Azzar is the world’s first project to have no sewage sinks and rather depend on an advanced sewage engineering system.
The CEO pointed out that the company is currently carrying out three real estate projects across west Cairo’s Sheikh Zayed and New Cairo, and the North Coast. Besides, investments of EGP 11 bn are planned for the five years ahead, as part of Reedy Group’s plans to expand its land portfolio.
The New Administrative Capital (NAC), according to El Reedy, marks one of the most favorable spots for expansion during the forthcoming period. Upon inauguration, the new capital will prompt real estate developers to expand into El Galala City, Ain Sokhna, New Alamein, and other neighboring areas for affordable land prices and strong infrastructure.