Egyptian real estate developer PRE Group has announced the launch of a new phase in its Ivoire East project, located in the Fifth Settlement of New Cairo. The new phase, named "Collage," is a hotel apartment project developed in partnership with Lemon Spaces, a company specializing in hospitality and hotel management services. The project aims to achieve sales of 12 billion EGP.
The Ivoire East project is situated on a 20-acre plot in the heart of the Golden Square in New Cairo. The current phase of the project, Collage, comprises approximately 490 hotel units, including studios, apartments, and duplexes. All units will be delivered fully finished and equipped with air conditioning, with expected delivery starting in 2030.
The partnership between PRE Group and Lemon Spaces aims to provide an integrated model that combines real estate development with hospitality and hotel management services. This includes providing operation and immediate rental services for the units. The project features green spaces, interconnected water bodies, pedestrian areas, and underground car garages.
The Collage project is distinguished by its proximity to the ZAG commercial and administrative project within Ivoire East, which is expected to start operating by 2028, before the scheduled delivery of Collage units. This strategic location is expected to enhance the project's appeal to potential buyers and investors.
According to Walid Zaki, Founder and CEO of PRE Group, the company is focused on enhancing integration between the real estate and tourism sectors by diversifying its hotel products and adding hospitality components to its projects. The company plans to launch a global hotel brand within the Ivoire East project to enhance its hotel component and elevate services to international standards.
Mohamed Mohamed Ez, Founder and CEO of Lemon Spaces, stated that the partnership with PRE Group aims to provide a comprehensive product that meets the needs of unit owners while offering hospitality, management, and operation services. This partnership reflects the companies' commitment to delivering high-quality services to clients.
The Ivoire East project is situated on a total area of 104 acres and comprises over 980 diverse residential units, including independent villas and townhouses, in addition to a social club, green paths, and open areas. The launch of Collage is part of PRE Group's strategy to increase the hotel component in its real estate projects and capitalize on the demand for hotel units in New Cairo.
Key points
- PRE Group targets 12 billion EGP in sales from the new phase of Ivoire East project.
- The Collage project comprises 490 hotel units and is expected to be delivered by 2030.
- PRE Group plans to launch a global hotel brand within the Ivoire East project.
