Latest news with #MohamedAllam
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
11-04-2025
- Business
- Zawya
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.
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)
