Abu Dhabi Capital Group (ADCG) confirms the delivery of 817 units out of 2,728 units sold in the “Alburouj” project, covering an area of 5 mn sqm; and plans to deliver 670 units by the end of this year, Invest- Gate reports.
The project will be built on four phases, ending in 2029. Moreover, the company has acquired several companies to implement construction, including Hassan Allam, Redcon, Misr Engineering Development – Medcom, Gama, Dorra Group for Development, and Al Kharafi.
Alburouj was launched back in 2016, with an investment cost of EGP 47 bn. It is located in east Cairo and includes around 15,000 residential units, an international school, a commercial center with a rental area of 46.5k sqm, a sports club on an area of 38,000 sqm, a cultural center, in addition to a business park on an area of 120,000 sqm, comprising 12 buildings. Besides, the Office Park will be managed by Smart Villages.
On the other hand, IMKAN-Misr announces its new project in the Fifth Settlement area. It spans over an area of 167 acres in the “Golden Square” area, in addition to paying EGP 1 bn as a premium for the land to start development work.
Furthermore, the company confirms that it has finalized all the project’s details with the Egyptian government, and has already submitted the ministerial decision, which is currently in the technical review stage.
Regarding the project’s implementation steps, the company has appointed a global consulting office, which completed 100% of the project master plan.
In the same context, the company has concluded an international strategic partnership agreement with Delos. It has cooperated with SWA, an American consultancy based in New York, to complete the landscape design of the project. The company is currently in the preparation stage to launch the project into the market.
Abu Dhabi Capital Group (ADCG) is a leading global developer with a diversified investment portfolio of more than 30 mn sqm in the most important locations and countries around the world, and it owns a 50% stake in Capital Group Properties, as well as a 100% stake in IMKAN-Misr.