The UAE company, Reportage Properties, intends to launch its Montenapoleone real estate project in Mostakbal City, east Cairo, in partnership with Al Ahly – Sabbour Developments in the coming period.
Hanna Karam, Regional Head at Reportage Properties, said that the company has signed a development agreement with Al Ahly – Sabbour Developments.
The project’s expected sales are estimated at EGP 12bn.
He added that the project will be built on a total area of 110 feddans, and features a wide range of fully finished residential units. These include apartments, villas, and duplexes supplied with kitchens and dressing room facilities for the first time in Mostakbal City.
Karam noted that Reportage Properties is one of the largest developers of towers and residential projects in the UAE, and has a distinguished record in Abu Dhabi and Dubai.
Reportage Properties has started initial reservations for the project, which is scheduled to be officially launched soon, he noted.
It will be launched over four sales phases, he disclosed, adding that the company plans to begin construction on the project within eight months for a scheduled delivery in the last quarter of 2025.
“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.
Karam added, “Egypt is witnessing a comprehensive and strong urban development during the current period, taking place across the country, and includes many attractive investment opportunities for foreign private sector, in addition to an attractive investment climate for foreign investors.”
He said that there is a major gap between supply and demand in the Egyptian real estate market, which makes the country an attractive destination for property investors.
Karam stressed that Egypt is a first destination for investors from the UAE, due to strong political and economic relations between the two countries.