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UAE: Reportage Properties, the leading real estate developer in the UAE, revealed its first project outside the UAE, with the launch of the "Monte Napoleone" in "Mostakbal City" in New Cairo, Egypt. The project will be developed in cooperation with Al Ahly Sabbour, the leading real estate developer in Egypt.
"Montenapoleone" which include 5,500 housing units, will be built on an area of 465,000 square meters. The project also provides an innovative fully-finished townhouses, in addition to apartments with distinct areas, starting from one to 4 bedrooms, with the highest standards of luxurious finishing. Expected project sales may reach 12bn Egyptian pounds (Dhs2,83bn). Units hand over will start by the end of Q4 -2025.
"Reportage Properties" revealed that ownership of apartments and duplex flats in the project is available, with prices starting from Dhs183,000, with special discounts of up to 40% on cash payments. Offers include fully-finished apartments and townhouses in the project. Payment plans extends to 80 months with installments of 7900 Egyptian pounds (Dhs1900) per month.
Reportage Properties is developing 11 projects under construction, providing about 5,000 housing units within the most important investment sites in Abu Dhabi and Dubai.
The list of "Reportage Properties" projects contain 8 in Abu Dhabi, in the areas of Masdar City, Al Raha Beach, Al Maryah Island and Yas Island, in addition to 4 projects in Dubai located in Dubai Land and Downtown Jebal Ali.
SinceJanuary 2021 the company’s sales figures exceeded Dhs500mn, with a growth of more than 200% compared to the first four months of 2020, when sales topped Dhs165mn.
The company’s sales during the first quarter of this year amounted to about Dhs369mn, compared to Dhs132mn during the first quarter of 2020, with an increase of 180 percent.
Islam Ahmed Suleiman, CEO, said that the launch of the first "Reportage Properties" project outside the UAE reflects the company's strong financial position, the stability of its business model, and its ability to expand and develop many new projects in various regions. He also confirmed the company’s ambitious future plans of growth and expansion in new regions through the next few years.
The CEO focused on "Reportage Properties" abilities to benefit from the vast expertise they achieved over the past years through developing many high quality projects in the UAE, in expanding to new markets in the region.
The robust investors’ confidence in Reportage Properties, especially in light of the company's commitment to developing all its announced projects on schedule, boosted their success story.
Sulieman noted that expanding to the Egyptian market came after a thorough study of the distinguished investment opportunities in the real estate sector in Egypt, which showed remarkable growth pointers and a rise in demand in recent years, in addition to the safe and stable investment environment that Egypt provides, added to many investors’ incentives.
The "Montenapoleone" project is unique by its strategic location in the “Mostakbal City” in New Cairo, which is located in the heart of urban development in Eastern Cairo, next to phase one of the New Administrative Capital. The project overlooks the most important landmarks and in perfect connection with the modern road network, linked to Bin Zayed Road, the middle Ring-road and the Cairo-Suez Road.
© Press Release 2021
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