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Egyptian real estate developer IL Czar has launched its new project, Safia Ras El Hekma, on the North Coast.
Company chairman and CEO Nader Khozam told Zawya Projects that the 30 billion Egyptian pounds ($636 million) development, spread over an area of 180 acres, will offer hotel apartments and residences.
“Safia will be built on terraces starting from 3 metres to 40 metres with all units enjoying sea views,” said Khozam, adding that it is designed by Raef Fahmy Architects.
Construction is expected to begin soon, with completion targeted for 2029, he said.
The company has allocated EGP1 billion ($21 million) for Safia's construction and plans to invest EGP5 billion ($106 million) in its other projects throughout 2024.
He said IL Cazar intends to launch Stoda, a 120-acre mixed-use project situated in Sheraton, Heliopolis by August 2024.
IL Cazar’s portfolio includes Creek Town and Creek District on the Suez Road in New Cairo, Go Heliopolis on Noza Street, The Crest in 6th Settlement, AIAN in New Cairo, and Vill, a mixed-use project in the first settlement. The company land bank stands at 1,800 acres with total investments reaching EGP130 billion ($2.8 billion).
(1 US Dollar = 47.14 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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