Reportage starts work on Egypt luxury residential project
DUBAI, March 10, 2022
Reportage Properties, a leading UAE real estate developer, has begun construction work on its key development, Montenapoleone, located within Mostakbal City in New Cairo. Built on a 465,000-sq-m area, Montenapoleone will feature a total of 5,500 housing units.
The project, which was launched in the middle of last year, is Reportage’s first project outside the UAE, and will be developed in cooperation with Al-Ahly Sabbour, a leading real estate developer in Egypt.
The Montenapoleone will aim to provide innovative fully-finished townhouses in addition to apartments of distinct areas, starting from one to four-bedroom units, with the highest levels of luxurious finishing, said the statement from the UAE developer.
Distinguished by its strategic location in Mostakbal City in New Cairo, which is in the heart of urban development initiative in eastern Cairo, the project is located next to the first phase of the New Administrative Capital.
It overlook the most important landmarks and the modern road network near the Bin Zayed road, the middle ring and the Cairo-Suez Road, stated Reportage.
Units are expected to be handed pver by the fourth quarter 2025, it stated.
CEO Islam Ahmed Suleiman said the launch of the construction works on the project reflects Reportage's commitment to build their projects on schedule, which enhances investors' confidence and boosts their credibility in the real estate market, which is evident in achieving strong sales.
The company’s 2021 sales were nearly AED1.6 billion, compared to AED812 million during 2020, with growth rate of up to 100%.
Suleiman said the launch of Montenapoleone, the first project of the group outside the UAE, reflects its strong financial position, the stability of the business model, and ability to expand its portfolios.
The company has an ambitious future plan for growth and expansion over the coming years, he added.
