UAE-based developer Reportage Properties has said that construction has begun on its key development, Montenapoleone, which is located in Mostakbal City in New Cairo.
In a statement, Reportage said that the development will feature a total of 5,500 housing units and will be built on 465,000sqm of land. The project was launched in the middle of 2021 and is Reportage’s first outside of the UAE. It will be developed in cooperation with Al-Ahly Sabbour, a leading Egyptian real estate developer.
Montenapoleone will provide fully finished townhouses in addition to apartments starting from one to four-bedroom units, said a statement from the UAE developer. The development is strategically located in Mostakbal City in New Cairo, which is in the heart of urban development initiative in eastern Cairo. Furthermore, it 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 off by the fourth quarter 2025, it added.
CEO Islam Ahmed Suleiman said the beginning of construction works on the project reflected the developer’s commitment to building projects on schedule, thus enhancing investor confidence and boosting credibility.
The company’s 2021 sales were nearly AED1.6 billion, compared to AED812 million during 2020, with growth rates 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 concluded.