Mazaya Developments to launch a new project as part of its expansion plan
Eng. Mohamed Allam, Chairman of Mazaya Developments, announced that the company is planning to launch its new project in East Cairo during the second half of this year. This project is part of the company's expansion plan for this year and its strategic vision to expand and increase the number of its projects and the diversity of the real estate units it offers to its customers.
Allam noted that the company has a number of opportunities and large plots of land available. The company is currently studying the best of these opportunities in preparation for announcing a new project that will be a surprise and a strong addition to the company's record of success. It will enhance its future plans to be present in more than one distinguished and promising investment location. He emphasized the company's commitment to diversifying the real estate projects it offers to meet the desires of its customers. This has prompted them, since the beginning of their operations in the Egyptian market, to launch several projects based on sound research based on real demand and need. This has given Mazaya's projects an added advantage in the Egyptian market.
Allam added that Mazaya relies on studying all construction details in its projects and taking into account their application to achieve different construction quality within the project. This is what the company has actually achieved on the ground with its projects in the Administrative Capital, as the company is currently implementing four projects in the New Administrative Capital, including administrative, commercial and hotel projects, with total investments exceeding 8 billion pounds. The construction phases of the four projects are proceeding at a high and rapid rate, and according to the timetables agreed upon with the clients. These projects are also distinguished by their distinguished and vital locations that enhance their investment position.
He explained that the construction percentage in the company's first project in the New Capital, THE ROOK, which is located in the Downtown area on an area of 2,650 square meters, has exceeded 94% of the concrete structure, and work is currently underway on the interior finishes. Contracts have been signed for the external facades, and work will begin on the facades within days. He pointed out that the total building area reaches 11,000 square meters, with an average of 700 square meters for each floor of the building. He added that construction has began in September 2023 and is expected to be completed by December 2025.
As for the company's second project, Gemini Red, in the capital, located in the Downtown area on an area of 2,370 square meters, the concrete structure has been completed at a rate of 38%, and the project's construction area is 11,300 square meters. The project consists of a ground floor and 15 floors, in addition to three underground parking floors with a construction area of 7,000 square meters. He noted that the company began construction work on the project in September 2024, and the concrete work is expected to be completed in the first quarter of 2026, with the building being fully delivered in June 2026.
Allam pointed out that speed and the application of the highest standards of quality and sustainability in the implementation of the company's projects are among the company's most important goals, explaining that each of their projects is implemented by distinguished engineering and technical cadres with a large number of workers, working side by side, and through the company. Advantages for contractors with over 16 years of construction experience to complete all projects. He explained that the company's third project, Gimini Blue, is also witnessing advanced construction rates, as replacement work and the pouring of the normal slab have been completed. The project spans an area of 2,420 square meters, with a construction area of 9,200 square meters for four underground garages, in addition to 11,500 square meters for a ground and 15 floors, with an average of 600 square meters per floor. He added that implementation work on the project began in December 2024, and the slab pouring is expected to be completed in April 2025, with the project being delivered in December 2026.
Regarding the company's fourth project in the New Capital, Norm Spaces, the company's latest project, located in the MU23 area, spanning an area of 6,700 square meters and consisting of three underground garage floors, a ground floor, and nine floors, soil testing is currently underway, with excavation work scheduled to begin in the beginning of the third quarter of the year. The company also recently announced the latest offering of luxury residential units in this distinguished project, based on a thorough study of the importance of this real estate product in this vital area. He emphasized the company's commitment to continuing construction work at a rapid pace to deliver projects to customers on the agreed-upon dates, in accordance with the highest standards of quality and sustainability, to preserve the investment value of the company's projects and build on its previous successes.
As for his expectations for the real estate sector's performance following the end of Ramadan and the holidays, Allam emphasized that the Egyptian market has been and remains the strongest and most attractive for investments, both local and foreign. He noted that there are strong expectations for continued sales activity in the coming days, especially with the start of the summer season and the increase in the offering of many projects or new phases of previous projects, particularly in the North Coast and East Cairo regions. He emphasized that real estate investment will remain the most attractive and will preserve the value of money due to the presence of real demand in the Egyptian market. He expected relative stability in real estate prices during the current year, provided the exchange rate and economic and political conditions remain stable.
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