July 22, 2024

Casanova Real Estate Development Invests EGP10Bn In Four Latest Projects

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Casanova Real Estate Development has announced the launch of its latest project in Sheikh Zayed, the Tech Hills New Zayed Compound, located on the Dabaa Axis. Image courtesy: Casanova Real Estate Development

Casanova Real Estate Development has announced the launch of its latest project in Sheikh Zayed, the Tech Hills New Zayed Compound, located on the Dabaa Axis. This project boasts a unique location amidst major real estate projects in the area.

Engineer Farouk Marzouk, Chairman of Casanova Real Estate Development

Engineer Farouk Marzouk, Chairman of Casanova Real Estate Development, stated that the project is situated directly on the main Dabaa Axis, which is not only an excellent residential location but also a prime tourist spot due to its proximity to Sphinx Airport, the Grand Egyptian Museum, and key tourist attractions in Egypt. This enhances the project’s export potential and overall investment returns, with world-class specifications in design, facilities, and services provided to serve these units.

Marzouk added that New Zayed City generally enjoys top-notch services, making it one of the most luxurious fourth-generation residential areas in Egypt. The city is accessible via three main axes (Dabaa Axis, Middle Ring Road, and Cairo-Alexandria Desert Road) and features the Zayed Crystal Park, which spans 190 acres of green spaces, lakes, and other amenities.

According to Industry sources, the firm is investing around 10 billion EGP in the Egyptian market to develop prime locations across the country. Our strategic plan includes launching four projects by mid-2025: two projects in New Zayed in 2024, starting with Tech Hills, with another project announcement by the end of the year. We will also launch a project in early 2025 and another in the North Coast during the second half of 2025, located near Ras El-Hikma City.

Marzouk explained that the company has a substantial land portfolio in New Zayed, targeting the launch of three projects by mid-2025. We aim to cater to a specific clientele: middle-aged individuals seeking unique units at competitive prices. Therefore, our pricing strategy is different from competitors, with unprecedented payment facilities, including flexible payment plans with minimal down payments extending up to nine years with equal installments. “Our policy is to offer a highly distinctive product to a segment that cannot currently afford it; hence, we do not sell our units to just any client but select clients with specific criteria,” he said.

The Tech Hills New Zayed Compound features Swiss-style designs and colors with European flair, optimizing available space. It offers residential units ranging from 75 to 300 square meters, divided into three phases. The first phase has been launched, and 25% of it was sold within two weeks. The second phase will be launched after Eid Al-Adha, with the aim to deliver all units by early 2028. The project includes a social club, mosque, and a large commercial mall.

“We are currently seeking various foreign partnerships, whether for project management or international brands we aim to collaborate with in the commercial mall, to provide our clients with the best possible services for an optimal living experience in our projects,” added Marzouk.

Marzouk emphasized that the project includes over 80% green and open spaces, with diverse landscaping featuring green areas and water features such as fountains and lakes, integral to the project design.

Marzouk affirmed that the real estate sector is one of the most vital sectors in the Egyptian market and a safe haven for investment amid economic fluctuations. The real estate sector accounted for 25% of the total GDP in 2023, with investments exceeding 200 billion EGP. The Egyptian real estate market is far from saturation, with supply still lower than demand, offering significant opportunities for both local and foreign companies.

Marzouk stressed that real estate export is a significant opportunity for developers, with the global trade volume exceeding 2 trillion USD annually. Egyptian real estate has become the cheapest globally, especially after the recent currency devaluation, and offers other advantages such as diverse unit sizes and projects, particularly large-scale ones like the New Administrative Capital, New Alamein, and Ras El-Hikma. Additionally, the recent introduction of new building codes, such as high-rises, has further enhanced the market.

The company aims to export a substantial portion of its projects by participating in various international exhibitions. A significant proportion of European tourists now prefer renting residential units when visiting Egypt instead of staying in hotels

Marzouk noted that economic crises have impacted all sectors in the country, but the real estate sector has managed to absorb these shocks by developers adopting smart strategies such as extending payment periods and offering smaller units with the same quality and practical design, helping stabilize prices.

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