Capital Group Properties (CGP) for real estate development received the cabinet approval of the Al Buruj project and offering the units for the public, Al Borsa News reported.
The project will be built on a total area of 1,212 acres, to be developed over multiple phases, with the delivery of the first phase set for 2019, Amwal Al Ghad reported.
Al Buruj is an integrated development project located on the Suez and Ismailia Desert Roads, 20 minutes away from Heliopolis and New Cairo.
The company announced the residential project in March of this year, with projected investment costs of EGP 40 billion. The project is set to include 30,000 housing units.
Owned by the UAE master developer Abu Dhabi Capital Group (ACG) and Al Ain properties, the company was established in 2015 with the aim of creating affordable and high-quality housing.