The UAE real estate developer, Reportage Properties, announced the onset of construction on the Montenapoleone project in New Cairo’s Mostakbal City. The project, which is Reportage’s first outside the UAE was unveiled in the middle of last year, and it will be constructed in collaboration with Al-Ahly Sabbour, Egypt’s top real estate developer.
Sitting on 465,000 square meters of land, the Montenapoleone project will provide 5,500 housing units that will have revolutionary, fully-finished townhouses, as well as apartments with discrete spaces ranging from one to four bedrooms and the most luxurious furnishings.
By the fourth quarter of 2025, units are expected to be delivered.
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According to Islam Ahmed Suleiman, CEO of Reportage Properties, the commencement of construction on the Montenapoleone project demonstrates Reportage’s dedication to completing projects on time, which strengthens investors’ trust and credibility in the real estate market, as seen by quality sales.
Sales were approximately Dhs1.6 billion in 2021, up from Dhs812 million in 2020, indicating a 100 percent growth rate.
Reportage Properties growth ambitions
Suleiman stated that the company’s solid financial position, the stability of its business model, and their capacity to extend their portfolios are reflected in the introduction of the Montenapoleone project last year, which was the company’s first project outside the UAE.
He stated that the organization has ambitious growth and expansion goals in the near future and that investing in Egypt indicates their faith in the country’s real estate industry, which has been experiencing rapid expansion and high demand in recent years, as well as the country’s attractive, safe, and stable investment climate.
Suleiman also said that there had been considerable demand for Montenapoleone apartments from a broad variety of clients wishing to acquire housing units in recent months, particularly in view of the spectacular improvement in the country’s real estate market.
