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Daily News Egypt
13-04-2025
- Business
- Daily News Egypt
Mazaya Developments to launch new east Cairo project in H2 2025
Mazaya Developments prepares to launch a new real estate project in east Cairo during the second half of 2025, as part of the company's strategic expansion into high-potential investment zones. Mohamed Allam, Chairperson of Mazaya Developments, confirmed that the company currently has access to several promising land plots with large areas and is in the final stages of evaluating the most suitable opportunity for development. He emphasized that the new project will mark a significant addition to Mazaya's portfolio and reinforce its long-term growth plans. Allam highlighted that Mazaya's development philosophy is grounded in detailed planning and high construction quality, ensuring that each project adheres to the highest standards. He added that the company's current portfolio includes four mixed-use developments in the New Administrative Capital (NAC), with total investments exceeding EGP 8bn. Among these is the company's flagship project, THE ROOK, located on a 2,650 sqm plot in the NAC's Downtown area. The 14-floor building (plus four basement parking levels) spans 11,000 sqm, with over 94% of the concrete structure completed. Interior finishing works are currently underway, and façade installation is expected to begin shortly. The project is slated for delivery in December 2025. Mazaya's second NAC development, Gemini Red, is also located in Downtown on a 2,370 sqm plot. With 38% of the concrete structure complete, the 16-floor building with three basement levels spans 11,300 sqm and is scheduled for handover in June 2026. The third project, Gemini Blue, is advancing steadily. With foundation work completed, the structure will encompass 20,700 sqm, featuring four basement levels, a ground floor, and 15 upper floors. Construction began in December 2024, with completion targeted for December 2026. The fourth project, Norm Spaces, is located in the MU23 district and spans 6,700 sqm. Soil testing has been completed, and excavation work is expected to begin in Q3 2025. The project will feature luxury residential units and follows a fast-tracked construction schedule. Looking ahead, Allam forecasted a pickup in real estate activity following Ramadan, driven by seasonal demand during the summer and a wave of new project launches—particularly in east Cairo and the North Coast. He reaffirmed that real estate remains one of the safest and most attractive investment avenues, underpinned by genuine market demand. He further noted that price stability is likely if exchange rates and broader economic conditions remain steady.
Zawya
17-02-2025
- Business
- Zawya
Egypt's Mazaya Developments to deliver The Rook in New Administrative Capital in Q4 2025
Egypt's Mazaya Developments is preparing to deliver The Rook, a 14-storey mixed-use development in the New Administrative Capital's downtown district, by December 2025, Chairman Mohamed Allam told Zawya Projects. The 2,650-square-metre (sqm) project, which includes offices and retail spaces, represents an investment of 1.2 billion Egyptian pounds ($24 million). Allam said the private developer is also advancing three additional commercial projects in the NAC, with total investments exceeding EGP 8 billion ($158 million). Gemini Red, a 16-storey tower spanning 2,370 sqm in the downtown district with an investment of EGP 1.5 billion ($30 million), will be completed next year 'Construction began in September 2024, and completion is expected by June 2026,' said Allam. He said the 16-storey Gemini Blue will be completed in December 2026. The EGP 1.5 billion mixed-use tower is spread over an area of 2,420 sqm. Allam said construction Norm Spaces, a 10-storey, EGP 5 billion ($99 million) commercial project in the MU23 district will start construction in the third quarter of 2025. (1 US Dollar = 50.60 Egyptian Pounds) (Reporting by Eman Hamed; Editing by Anoop Menon)
