Egypt - Laverde Developments was among the first companies to invest in the New Administrative Capital, particularly in the R8 district, through its first project La Verde New Capital on an area of 35 feddans, where the construction progress has reached more than 60%.   Additionally, the company’s second project in the New Capital, La Verde Cassette, spans over 55 feddans and includes a commercial mall, residential buildings, and villas. The project is located on the Green River frontage and main roads, making its location the first distinguishing feature. It is also close to the People’s Square, Egypt Mosque, and the smart transportation network in the New Capital, such as the monorail. The construction progress in the project exceeded 65% so far.   Among its…

Madinet Masr Housing and Development unveiled a number of real estate projects during the past nine months with a combined value of EGP 103 billion, according to a bourse disclosure.   These projects include the Butterfly project in Mostakel City at an amount of EGP 64 billion and the Rai Valleys project in Sarai with a value of EGP 3.50 billion, scheduled to be completed within four years.   Madinet Masr also launched the Origami Golf project in Taj City with a total value of EGP 11 billion and the Sheya project in Sarai with a value of EGP 6.90 billion, in addition to the Esse Residence project in Sarai with a total value of EGP 18.10 billion. As of 30 June 2024, the EGX-listed firm achieved contractual sales of EGP 20.90 billion, while the revenues increased by 95.80%…

Egypt’s real estate developer Enwan Developments announced its partnership with e& Egypt Business, a subsidiary of e& Egypt. This comes within the company’s strategy to collaborate with strong entities in all aspects and details of its projects.   Mohamed Salem, the founder and CEO of Enwan Developments, said that e& Business will provide all the necessary services for the administrative and medical building in the company’s Maraya Plaza mall through the Triple Play service, which includes landline, internet, and other communication services. The project was aligned with global technological advancements, ensuring the highest quality standards for all occupants and visitors.   He explained that the Maraya Plaza project consisted of two connected…

Emaar Misr for Development (EMFD) is investing approximately $1 billion in Egypt next year, founder of the UAE-based Emaar Properties Mohamed Alabbar said in an interview with Asharq Business.   On the sidelines of the company’s celebration of the Saudi National Day at Marassi resort on the North Coast, Alabbar highlighted that Emaar Misr has already invested around $20 billion in Egypt since it began operations, averaging $1 billion annually.   The company has opened The Address Hotel on Egypt’s North Coast last summer, with an investment exceeding EGP 5 billion.   The hotel spans 86,000 square meters and features 200 hotel rooms and 169 serviced apartments.   Alabbar remains optimistic about tourism investment in Egypt, particularly in the luxury…

The Egyptian government launched 543 new real estate projects in the country last year with initial investments worth $363 million, Asharq Business reported, citing Deputy Minister of Housing Walid Abbas. Abbas highlighted that 86% of the total new projects are held by the private sector. He added that the government allocated 1,350 industrial land plots of an area of 17,393 feddans worth EGP 26 billion for investors and developers last year.

IL CAZAR for Urban Development is preparing to launch the second phase of its The Crest project in New Cairo, with expected total sales reaching EGP 4bn. This will be part of their participation in the Cityscape exhibition. The company will also offer special deals for the Safia, Creek Town, and Go Heliopolis projects. The second phase of The Crest project is set to include 200 units, comprising residential apartments, duplexes, villas, and townhouses, with sizes ranging from 85 to 330 sqm. These units feature distinctive architectural designs by the office of architect Raef Fahmy. All units will offer stunning views of the green spaces and water features that cover 83% of the project area, which spans 158 feddans. IL CAZAR has achieved sales of EGP 5bn in the project since the…

Egypt - Naia Developments has announced a significant acceleration in construction progress at its flagship project, Naia Bay, located in Ras El Hekma on the North Coast. During a recent media tour, the company showcased its commitment to delivering the first phase of the project by the summer of the following year. The tour provided a comprehensive overview of Naia Bay, highlighting its unique features, diverse amenities, and progress on various construction fronts. The project’s Pelagio Townhouse unit within the first phase of ‘Naia Bay,’ showcasing fully completed townhouses. Naia has also partnered with Accor, one of the top three global leaders in the hospitality industry, to operate the first two hotels in Ras El Hekma within Naia Bay. This collaboration further…

Egypt - Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, chaired Tuesday a meeting of the Board of Directors of the Social Housing and Mortgage Support Fund, during which several files and topics related to the launch and implementation of the presidential initiative “Housing for All Egyptians” were discussed. During the meeting, Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, said that, to date, 17 announcements have been made since 1 June 2014, with 1.6 million citizens applying for units. The mortgage finance granted to beneficiaries has exceeded EGP 74bn, facilitated by 22 banks and 8 companies, with cash support amounting to EGP 9.7bn. The Minister of Housing explained that since President Abdel Fattah Al-Sisi took office,…

Egypt’s Cred Developments has organized a media tour for several journalists and media professionals inside the CLM, the company’s first project in the New Administrative City (NAC) to inspect the latest developments in the project in terms of deliveries and construction updates. CLM project is situated on an area of 43 feddan with total investments of EGP 5.6bn. The company has delivered 200 units out of a total of 478 units in this phase, in addition to preparing the deliverable of all units in the 1stt phase along with 100 units in 2nd phase of the project. Simultaneously, work on the project is progressing rapidly to complete all its phases, with construction and building processes commencing in the third and fourth phases of the project. Cred has also contracted with…

Madinet Masr has launched its new residential project, The Butterfly, in Mostakbal City via its signature community Minka, with sales of up to EGP 64 billion, as per a press release.   Established on a 187-feddan area, the project comprises luxurious residential units, including independent villas, S-villas, townhouses, and a commercial area.   The project is part Madinet Masr’s plan to expand its business and diversify its land portfolio, the company’s CEO Abdallah Sallam said. It is worth noting that Madinet Masr reported a 150.64% year-on-year (YoY) increase in consolidated profits attributable to the parent company during the first half (H1) of 2024.

Egypt - Mass Developments has announced the launch of a new mixed-use project on Gamal Abdel Nasser Axis in New Cairo, with an investment exceeding EGP 22bn, spanning an area of 30,600 sqm. Atef Manai, Chairperson of Mass Developments, stated that this project is part of the company’s expansion plan in the local market over the coming period, leveraging the extensive experience of its founders, which spans nearly a quarter of a century in real estate development. Manai highlighted the company’s diverse track record, which includes developing commercial businesses, malls, and residential complexes in East Cairo, specifically in New Cairo and the New Administrative Capital, with total investments reaching EGP 20bn. Additionally, the company has residential and commercial…

Egypt - Savills Egypt, the local office of the global real estate advisor, has reported a significant increase in real estate sales along the North Coast, particularly in Ras El Hekma, which has emerged as a standout location. The surge in sales can be largely attributed to the landmark agreement signed in March 2024 between the Egyptian Government and the Abu Dhabi Developmental Holding Company (ADQ), aimed at transforming the region’s real estate landscape. “Year-on-year sales rates have shown tremendous growth,” said Catesby Langer-Paget, Head of Savills Egypt Office. “Beyond the pivotal ADQ deal, several factors are driving demand in the North Coast market. The area is fast becoming a prominent regional tourist destination, attracting a broad customer base…