IL Cazar company announced the launch of “THE CREST” project in New Cairo city, with a total investment of approximately 60 billion Egyptian pounds. This project is part of the company’s expansion plan to launch several diversified projects between 2024 and 2025.
Nader Khazam, Chairman of the Board of IL Cazar, confirmed that the real estate market offers attractive and robust investment opportunities for serious companies with experience and strong financial capabilities. The strategic location and careful selection are among the elements that distinguish IL Cazar in choosing all its projects. He emphasized the importance of the project’s excellent location in enhancing its investment value.
He explained that “THE CREST” project is located in a prominent place at one of the main entrances to New Cairo city. It is situated at the Middle Ring Road and South 90th Street intersection, and it is only 5 minutes away from the New Administrative Capital. The project is 5 minutes from Ain Sokhna Road and the American University in New Cairo.
He added that the project is a comprehensive residential complex spread over 158 acres. It includes various residential units, including apartments, villas, quads, and townhouses, with different sizes and views within the project. The project comprises 3,000 housing units, with apartments starting from 85 square meters and villas starting from 400 square meters.
He pointed out that solid entities have been contracted to work on the project, including Raif Fahmy Design Office for project design and Shadad Contracting Company, which have distinguished track records and substantial expertise. The project is planned to begin implementation in the summer of 2024, with delivery expected by the end of 2027.
He further stated that the project includes diverse services with an approximately 35,000 square meters area. These services aim to provide the highest quality of life and luxury for customers within the project. The project achieves the concept of integration as a comprehensive residential and urban community. It includes a social club, sports playgrounds, restaurants, hypermarkets, a pharmacy, a social building, hotel units, administrative offices, and a collection of local and international restaurants.
He noted that the building density of the project is only 17%, and the rest of the project area consists of services and green spaces, reflecting the company’s commitment to implementing a residential compound that provides comfort and internal tranquility for customers. The project includes large green spaces, and the elevated land level has been utilized in most areas. Additionally, the project features a distinctive valley with water bodies running throughout its length.
He emphasized that the company owns a package of six distinguished real estate projects. Three projects have been launched so far, and three more are planned to launch in 2024 and 2025. The company is implementing the “Jewel Heliopolis” project, with a 90% completion rate, and delivery is planned to begin in 2024. The project includes approximately 1,000 residential units.
He stated that the company is implementing the “Creek Town” project with a completion rate of 96%. It is a mixed-use project, including commercial, administrative, and residential activities. Delivery is scheduled to start in the fourth quarter of 2024. 80% of the residential units in the project have already been marketed, and the commercial part will include administrative and commercial units to be offered in the fourth quarter of this year. Delivery will commence in 2025.
He added that adhering to delivery schedules is essential to the company’s business plan. The company has handed over the first phase of residential units in the “Jewel Heliopolis” project, and it plans to deliver the remaining units in the second phase by the end of this year. The company also aims to deliver over 600 units (villas) in the “Creek Town” project in 2024 and 1,500 units (apartments) by the end of 2025.
He stated that the company plans to launch new projects totaling nearly 1,000 acres during the current year in New Cairo, the North Coast, and the 6th of October City. This is part of an expansion plan aimed at achieving diversity in its project portfolio to meet customer demands and enable the company to expand its marketing efforts within and outside Egypt.
