Reportage Egypt introduces Montenapoleone project in Mostakbal City

Company plans to launch five new projects in Egypt over the next 10 years, says Hanna Karam

Reportage eyes recording EGP 1.5bn in sales of the project by the end of 2021, says Ahmed Nasser

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 ofEGP 12bn.

Hanna Karam, Regional Head at Reportage Properties, said that the project will be built on 110 acres in Mostakbal city, and 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, explainingthat the investment in the New Capital is part of the company's investment map, as it is looking forward to fruitful cooperation at every phase of its investment with all sectors supporting real estate sector.

He elaborated that all the company’s projects are self-financedand 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 EGP 100bn,” 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 explained that the comprehensive urban development that Egypt is currently implementing has led to the emergence of a new generation of real estate developers and companies. Moreover, the Egyptian state is working with all its capacity to organize this large market and regulate relationship between developers and customers. Moreover, decisions and directives that were recently announced contribute to more regulation of this market, especially President Sisi’s decision not to start selling any project before constructing 30% of it in order to ensure companies commitment to protect customer dues.

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 revitalizing 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 andexplained that the Egyptian customer has become, despite the strength of competition, able to choose project that suits his/her needs and financial capabilities, and to choose the developer he/shetrusts.

Nasser stressed that the company relies on quality and trust with customers, appropriate price and distinguished location of the project to compete in Egyptian real estate market, besides, commitment in completing the project according to specific timetables. Consequently, the company ensures the reputation that Al Ahly – Sabbour Developments has gained in dealing with its customers in the Egyptian market.

He stated that Reportage aims to achieve EGP 1.5bn of sales in the project by the end of 2021 andadded that the company has recorded EGP 350m in sales since the project launch until now.

The company chosed Mostakbal City to invest in owingto its being a smart city developed by a group of distinguished investors, and its prime location near the New Administrative Capital, which enhances investment opportunities injected into it, he disclosed.

Furthermore, Nasser noted that Al Ahly – Sabbour is one of the reputable and pioneering companies in Egyptian real estate market, and cooperation with it had previously been carried out in the UAE in one of the projects. The two companies decided to repeat the successful experience in Egypt by investing in a new project.

He estimatedthat price increases in local market in the coming period is due to price hikes in building materials, not to mentionthe continuation and completion of development in many new cities.