Maven Developments, an affiliate of award-winning U.S. developer Riverwards Group, announced the launch of ‘Baymount’, its first project in Egypt, valued at EGP 4 billion.
In a press conference, Maven said its project will be located in Ain Sokhna on an area of 76 acres and at a height of up to 240 meters above sea level.
Eng. Mohamed Rushdy, the president of Riverwards Group and Co-Founder and Board Member of Maven Developments, attributed the reason for investing in Egypt to the clarity of the country's economic vision and political stability, as well as the boom seen recently in the Egyptian real estate sector, coupled with the incentives provided by the Egyptian government, especially the recent amendments to the investment law, which are aimed to lure investors from all industries.
During the press conference, in which a number of the company’s top executives in Egypt were present, Rushdy said: "Choosing Ain Sokhna to kick start our foray into the Egyptian market was one of the elements we were keen on, given its strong potential amid vast urbanization drive, and commercial and industrial activity, which makes it a hub for business across the entire Red Sea region."
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"Within a few years, Ain Sokhna will likely become Cairo's natural urban extension on the Red Sea. Furthermore, our presence in the U.S. via Riverwards Group will provide us with the capability of marketing our projects in Egypt," Rushdy noted
As for the company's future projects, he explained, "We have a plan for real estate investment in various places in Egypt, and we already have a project that will be unveiled shortly in Ras El-Hekma area, along with several other lands that are currently being negotiated."
He added: "We base all of our steps on a detailed study of the market and the needs of our customers so that we can provide, through our projects, the added value that makes a difference in the lives of our customers."
Eng. Mohamed Youssef, Co-Founder and President of Maven Developments, explained that once they decided to go for development in the Red Sea region, one of their goals was to build a project with distinct mountainous nature.
Youssef also said that they were able to transfer the expertise that they gained from their work abroad so that the result would be a product of international standards.
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Mohamed Youssef and Mohamed Rushdyl Est[/caption]
He added that the planning and design of the project took a long time, as tremendous efforts were made to keep the advantage of mountainous height in the site and to map roads in a way that is in line with the natural terrain of the mountain.
Maven, to whom preservation of the environment is one of the key values, was keen to limit the demolition work and use of machinery in the mountain to reduce carbon emissions.
The project will include 1756 housing units of various sizes and floorplans with all the units having an unobstructed panoramic view of the sea fitted with modern designs.
He also stressed that they have the benefit of the experience and expertise gained by their affiliate company in the United States that will allow them to present a project of the highest quality in Egypt that is harmonious with the distinct nature of the land and encourages a modern lifestyle.
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