TIJ Contracting intends to begin construction works on the Montenapoleone project, owned by Reportage Properties, in April with total investments worth EGP 12bn.
Hanna Karam, regional head at Reportage Properties, one of the UAE companies operating in the Egyptian market, said that TIJ Contracting is one of the subsidiaries of the parent Emirates Reportage Properties, and it is one of the strong companies in the contracting sector in the UAE.
Karam added that TIJ has carried out construction works for more than
11 projects in the UAE, namely, Alexis Tower, Rukan Lofts 1, Rukan Tower, Rukan Lofts 2, The Oberoi, Tamouh Tower, The Gate, Al Raha Lofts, Oasis One, Al Maryah Vista, and Leonardo Residence with total investments of AED 805.9m.
Montenapoleone is an integrated urban project spanning over 111 acres in Mostakbal City, east Cairo, he noted, pointed out the project is being carried out in partnership with Al Ahly Sabbour Developments and it is scheduled to be delivered by 2025.
Reportage has a plan and timetable for the project construction according to the dates set with the customers. Additionally, the company plans to develop an integrated project commensurate with the company’s previous work in the UAE and the Egyptian partner Al Ahly Sabbour Developments as well as the Mostakbal City project as one of the distinctive projects located in the east Cairo area, he elaborated.
He further highlighted the efforts made by the Egyptian government to regulate the local real estate market, given the expansion of the market and the multiplicity of companies operating in it. Besides, the focus of the state’s efforts to preserve the rights of customers, and the continuation of the real estate market as one of the leading economic sectors that support national GDP.
He projected price hikes in the real estate market next year due to spikes in the price of building materials besides, the global inflation wave, which casts a shadow on all countries, an increase that may range between 10 and 15%. This imposes on real estate developers more efforts to confront this increase to maintain the continuity of the market by providing flexible payment plans to customers.