The UAE-based company, Reportage Properties, plans to launch its Montenapoleone project in Mostakbal City, east Cairo, in partnership with Al Ahly Sabbour Developments with initial investments reach EGP 12 bn, Invest-Gate reports.
Hanna Karam, regional head at Reportage Properties, says that the project will be built on 110 acres, comprising units with spaces ranging from 51 to 232 sqm.
He highlights that the company has begun its construction, noting that it is carried out by TIJ Contracting, one of the companies owned by Reportage Properties, which supports the company’s credibility with its clients.
Marketing Manager at Reportage Egypt Ahmed Nasser states that the company aims to achieve EGP 1.5 bn in sales of the project by the end of 2021, adding that the company has recorded EGP 350 mn in sales since the project’s launch until now.
Karam adds that the company’s plan is to invest in the Egyptian real estate market, by launching more than five projects in the next 10 years, in Ain Sokhna, North Coast, and NAC, noting that the company is also looking forward to more partnerships in the Egyptian market.
Karam notes that all the company’s projects are self-financed, remarking that its shareholders’ structure includes Aref Al Khouri and Ismail Al Khouri.
It is worth noting that the company has chosen Mostakbal City to invest in due to being a smart city developed by a group of distinguished investors, and its prime location near NAC enhances investment opportunities in it.