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Pioneers Properties launches 1st phase of EGP 20bn IVOIRE East project

Pioneers Properties launches 1st phase of EGP 20bn IVOIRE East project
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Cairo – Mubasher: Pioneers Properties for Urban Development has launched the first phase of its IVOIRE East project in New Cairo.

Located on 438,000 square meters, IVOIRE East has an estimated investment cost of EGP 22 billion, according to a bourse filing.

The project is planned to accommodate more than 1,000 families and generate EGP 45 billion in contracted sales.

IVOIRE East is located on the 90th South Road, minutes away from the American University in New Cairo.

The project includes a variety of luxurious villas and duplexes, in addition to commercial and administrative areas. It is set to create many direct and indirect jobs.

Contracted Sales Year to Date

Furthermore, Pioneers Properties announced that has achieved total contracted sales of EGP 8.4 billion since the beginning of 2024, across various projects in East and West Cairo.

The company is planning to launch new phases in its projects in Ain Sokhna and North Coast throughout the year.

Walid Zaki, Managing Director and CEO of Pioneers Properties for Urban Development, stated: “[IVOIRE East] project comes within the framework of Pioneers’ previously announced strategy to expand its real estate development activities by seizing new investment opportunities and increasing its land bank.”

“With the addition of this project, the company’s total land portfolio reaches more than 12 million square meters, all in prime locations,” Zaki added.

It is worth mentioning that Pioneers Properties logged EGP 238.35 million in consolidated net profit after tax during in first nine months (9M) of 2023, versus EGP 159.84 million a year earlier.