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 with initial investments reach LE12b.
Hanna Karam, Regional Head at Reportage Properties, said that the project will be built on 110 acres in Mostakbal city, added that the company began its constructions. TIJ Contracting, one of the companies owned by the parent company Reportage Properties, carries out construction work, which supports the company’s credibility with its clients.
Karam revealed the most prominent feature of the company’s plan is to invest in Egyptian real estate market, by launching more than five projects in the next 10 years, in areas of Ain Sokhna, North Coast and the New Administrative Capital.
Reportage is also looking forward to more partnerships in the Egyptian market, he noted, explained that the investment in the New Capital is part of the company’s investment map, as it is looking forward to fruitful co-operation at every phase of its investment with all sectors supporting real estate sector.
He elaborated that all the company’s projects are self-financed, added that its shareholders’ structure includes Aref Al-Khouri and Ismail Al- Khouri.
“Reportage has developed great projects in the UAE, where the company’s total investments in the UAE worth approximately LE100b,” he explained. “The strength of competition in Egyptian real estate market benefits the entire market and enhances capabilities of real estate companies towards more innovation and creativity in their projects. This leads to the presence of a strong market that ultimately benefit customer.”
He pointed out that the initiative of the Central Bank of Egypt to provide mortgage financing at an interest rate of 3% for a period of 30 years leads to revitalising real estate market and bridging the gap between purchasing power and prices.
Marketing Manager at Reportage Egypt Ahmed Nasser said that the Montenapoleone project comprises units with spaces ranging from 51 to 232 sqm, explained that the Egyptian customer has become, despite the strength of competition, able to choose project that suits his needs and financial capabilities, and to choose developer who trusts.
He stated that Reportage aims to achieve LE1.5b of sales in the project by the end of 2021, added that the company has recorded LE350m in sales since the project launch until now.
