Capital Group Properties (CGP) will be increasing its investments to a total of $ 250 mn by the first quarter of 2017, according to the company’s CEO Amgad Hassanein, reported Al Borsa.
The majority of the investments will be directed to the company’s AlBurouj residential project, Hassanein noted.
The project was allocated $ 80 mn as part of the first installment that includes the costs of licensing, adjusting the land’s activities, and the construction of facilities in the first phase of the project.
AlBurouj spreads on a total area of 1,212 acres, located between the Cairo-Suez Road and Ismailia Desert Road. The project includes 28,000 residential units, a commercial area, office spaces, and entertainment areas that will be built over four phase within 10 years, stated Amwal El Ghad.
CGP has recently increased the period of payment for units to 10 years instead of six years in efforts due to the impacted purchasing power of potential homebuyers, as a result of the pound’s flotation.
It is also currently focusing on expanding its investment opportunities in other lands in the new cities such as New Aswan, Red Sea governorate, and North Coast.