UAE’s Reportage Properties plans to launch the “Montenapolene” project in Mostakbal City, East Cairo, in partnership with Al Ahly – Sabbour Developments, Invest- Gate reports.
In this regard, Regional Head at Reportage Properties, Hanna Karam, states that the company has signed a development agreement with Al Ahly – Sabbour Developments to develop a real estate project in partnership system in Mostaqbal City, with expected sales worth EGP 12 bn.
Additionally, Karam elaborates that the project is set to be built on a total area of 110 acres and features a wide range of fully finished residential units, including apartments, villas, and duplexes supplied with a kitchen and dressing room for the first time in the Mostakbal City.
In a related context, Karam discloses the the company has started initial reservation in the project and is scheduled to be officially launched soon, noting that the project will be launched in four sales phases. Adding that, the company plans to begin construction works on the project within eight months. Furthermore, it is scheduled to deliver the project in the last quarter of 2025.
Moreover, Karam explains that there is a major gap between supply and demand in Egyptian real estate market, which makes the country an attractive destination for property investors, highlighting that strong and real demand that needs to be met, is one of attracting factors for foreign investment.
“Additionally, Reportage Properties has a strong expansion plan outside the UAE in a number of international markets, foremost of which is the Egyptian market because of its attractive competitive advantages, ”he said, adding, ”Egypt is witnessing comprehensive and strong urban development during the current period, taking place across the country and includes many attractive investment opportunities for the foreign private sector, in addition to an attractive investment climate for foreign investors.”
It is noteworthy that Reportage is one of the largest private real estate developers in the UAE with 20 years of experience. It is one of the largest developers of towers and residential projects in the UAE and has a distinguished work experience and record in Abu Dhabi and Dubai. The company aims to provide innovative housing solutions in the Montenapolene project at affordable and competitive prices.