Capital Group Properties (CGP) has signed a MOU with Smart Villages company to build a smart village in its new project Alburouj, at a cost of EGP 1 bn in Shorouk City, according to a company statement, as reported by Al Borsa. The two companies had previously been reported to have signed a preliminary agreement in August.
Smart Villages has previously built its flagship on the Cairo-Alexandria Desert Road, west of Cairo, which has managed to attract investors due to the technological facilities and centers that are found in the area.
Alburouj is CGP’s first real estate project in Egypt, built at a cost of EGP 40 bn on 1,212 acres. It is expected to include 30,000 housing units, and is located along the Suez and Ismailia Desert Road.