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Rendering of Mountain View's LVLS North Coast project
Egyptian developer Mountain View announced on Monday that it is planning to invest 14.5 billion Egyptian pounds ($468 million) in 2024.
The outlay will facilitate the execution of ongoing projects, such as iCity New Cairo, iCity October, MV Ras El Hikma, LVLS and ALIVA in addition to the expansion of land portfolio, and initiation of new ventures, the developer said in a press statement.
Mountain View achieved sales of more than EGP61 billion ($2 billion) in 2023 led by projects in East Cairo, which registered EGP38 billion ($1.2 billion) in sales, followed by North Coast with sales EGP14.3 billion ($463 million) and West Cairo with EGP8.7 billion ($282 million).
The statement quoted Amr Soliman, Founder and Chairman of Mountain View saying that the company navigated the economic headwinds confronting the broader Egyptian economy with new projects and concepts.
“Looking ahead, we harbour ambitious aspirations for the New Year, underpinned by a robust investment plan totalling EGP14.5 billion. This underscores our unwavering confidence in the Egyptian investment climate and our anticipation of another year marked by remarkable accomplishments and unparalleled achievements,” he said.
Wael Ezz, Partner & Co-CEO at Mountain View said ALIVA, LVLS, iCity New Cairo, and iCity October being the top contributors to the sales volume. The 638-acre ALIVA in Mostakbal City, launched last year at an investment of EGP140 billion ($4.5 billion), was the biggest contributor in 2023 Phase 1 fetching in EGP32 billion ($1.04 billion) in sales revenue.
Wael Lotfy, Partner & Co-CEO at Mountain View said the growth in sales were also driven by new concepts like The Lighthouse, which is the first experiential happiness destination in Egypt and the Middle East and was first launched in Ras El Hikma.
“The Lighthouse offers a distinctive experience aimed at inspiring customer participation in various community activities and seamlessly integrate into their urban community,” he said.
In 2023, Mountain View also launched the 200-acre LVLS in Ras El Hikma, North Coast, which introduced a new concept for summer housing, featuring units elevated 40 metres above sea level and designed across six levels to ensure most units have sea views.
(1 US Dollar = 30.90 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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