Capital Group Properties (CGP), a real estate development company owned by Abu Dhabi Capital Group (ADCG) and Al Ain properties, has announced a tender for the construction of the first phase of its latest project Alburouj, reported Amwal Al Ghad.
The announcement was made by the company’s Chief Projects Officer, Amgad Hassanein, who added that the company has invited 12 leading construction companies operating in the Egyptian market to the tender.
Located between the Suez and Ismailia Desert roads, the project’s first phase will be completed in three years, at a cost of EGP 10 billion.
Alburouj is an integrated residential community project in Egypt, spread over 1,212 acres. It aims to provide housing to all segments of society, it will be developed with a total cost of EGP 40 billion ($4.47 billion), offering 30,000 residential units.
CGP has paid EGP 1.33 billion ($ 150 million) to date to the New Urban Communities Authority (NUCA).