Emaar Misr launches luxury Marassi and Uptown Cairo homes at first sales event in Jeddah

Published June 25th, 2008 - 09:32 GMT

Emaar Misr for Development S.A.E, the wholly owned Egyptian subsidiary of Emaar Properties PJSC, will hold the first-ever sale in Saudi Arabia of villas, apartments and town homes within Marassi and Uptown Cairo – two of its flagship community developments in Egypt – at a special event on June 26 at the Jeddah Gate Sales Center, from 1pm to 10pm.

While Uptown Cairo is in the Mokattam Hills in the centre of the capital city, Marassi is located on one of Egypt’s most historically favoured beaches on the Sidi Abdel Rahman bay.  Apart from being part of a vibrant master-planned community, Uptown Cairo will offer customers the privilege of choosing homes from five distinctive neighbourhoods anchored by a town center, country club and 18-hole golf course. Marassi homes, on the other hand, have direct sea views with some of the resort-style villas opening to lush green golf courses.

Homes in these luxurious projects developed by Emaar Misr have already gained tremendous investor response in Egypt, the United Arab Emirates, and Kuwait. With work having started on the two projects, the first residences in Marassi and the first phase of Uptown Cairo will be handed over to buyers in 2010.

Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E, said: “Investor response from Saudi Arabia to Emaar Misr’s projects has been strong. This highlights the strong regard for Emaar’s pioneering master-planned communities among Saudi investors as well as the Egyptian community in Saudi Arabia. This special sales event was created to offer Saudi investors the opportunity to see Marassi and Uptown Cairo first-hand and make informed decisions.”

Mr Mohamed A. El Moshneb, Senior Director – Development, Emaar International, added: “With the tourism sector of Egypt gaining investor interest, Emaar will offer Saudi Arabian investors considerable returns on their investments, in addition to providing luxury living environments. Egypt has always been a preferred tourist destination for Saudi Arabian visitors, and through the sale opportunity, we are offering them the option of investing in the two projects that are billed to energise the tourism sector of Egypt.”

The US$2.1 billion Uptown Cairo development highlights an inimitable living experience that meets the demanding requirements of Egypt’s upwardly mobile population. Uptown Cairo is located on 1,000 hectares within Mokattam Hills, removed from the bustle of the city. The cleaner air and cooler climate of the location adds to the quality of lifestyle of residents. Master-planned by WATG, Uptown Cairo features several residential villages, a Business Park, resorts, spa, sports & leisure facilities, a sprawling shopping mall and a world-class golf course. Uptown Cairo is easily accessible from Maadi, Heliopolis, Nasr City and Central Cairo.

The US$1.74 billion Marassi development is a 1544-acre master-planned tourist and residential development and a Mediterranean-styled architectural ode to a rich and luxurious way of living. Sprawling over a pristine waterfront, it features a circular Marina, retail, hospitality, and entertainment components. Marked by calm bays and white sandy beaches, location offers a distinctive lifestyle experience for residents.

Marassi, around 2 hours by road from Cairo, is accessible from the Burj El Arab and El Alamein airports, both offering direct connections to major European and Middle Eastern cities. Marassi features seven distinct lifestyle districts, each with distinctive identities and activities, inspired by Mediterranean architectural styles including Egyptian, Greek, Andalusian, Italian, Spanish, Tunisian and Moroccan. The first phase of the beach club at Marassi will open this summer and the Alamein hotel nearby has been renovated for the convenience of guests.

The villas, town homes, and apartments on sale in Jeddah are fully finished, and have elegant natural wood flooring to top it all off. The kitchens have granite counter-tops and cabinetry. All bedrooms have built-in wardrobes and fully finished bathrooms.

Interested investors and potential buyers can visit the Jeddah Gate sales center on King Abdullah Street near the old airport. For more information please call: 800 12 36227.

 

Emaar Misr is also developing the US$1 billion residential community located at the fifth district New Cairo City; and Cairo Gate, the US$700 million commercial cum residential development on the Cairo – Alexandria desert road which also features the largest outdoor shopping and entertainment destinations in the country.

 

About Emaar Misr for Development S.A.E:
Emaar Misr for Development S.A.E is the wholly owned subsidiary of the UAE-based Emaar Properties PJSC, a global property developer with a collective presence in over 36 markets spanning the Middle East, North Africa, Pan-Asia, Europe and North America.

Emaar Misr is one of the largest foreign direct investor in Egypt’s real estate sector with an investment portfolio of EGP 31.67 billion (US$5.54 billion). Emaar’s expansion into Egypt is in line with the company’s Vision 2010 to become one of the most valuable companies in the world.

Emaar has identified Egypt as a key market for growth, and has announced four key projects: The EGP 12 billion (US$2.1 billion) Uptown Cairo; the EGP 9.92 billion (US$1.74 billion) Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; the EGP 5.75 billion (US$1 billion) residential community located at the fifth district New Cairo City; and the EGP 4 billion (US$700 million) commercial cum residential development on the Cairo – Alexandria desert road, which also features the largest outdoor shopping and entertainment destinations in the country, Cairo Gate.

About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world’s largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar, ranked on the FT 500 Global companies, is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.

Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, on its way to become the world’s tallest tower the world’s tallest building. Emaar’s portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Algeria, Libya, India, Pakistan, China, Indonesia, the US, the UK, France and Canada.

Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America’s second largest privately held home builder; Hamptons International, UK’s premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities. Emaar has joined hands with Giorgio Armani, Accor Hotels and Premier Travel Inn to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 180 budget hotels in India.

Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.

 


 


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