Capital Group Properties (CGP), owned by Abu Dhabi Capital Group (ADCG) and Al Ain Properties, will sign two contracts worth EGP 1.5 bn before end of 2018 to develop Alburouj project in El Shorouk city, bringing the project’s total contracts to nearly EGP 6.5 bn, state-owned Al Ahram Al Iktisadi news website reports.
CGP’s CEO Amgad Hassanien told Al Ahram that the first EGP 1 bn contract entails the establishment of a smart village, while the second is for constructing Sheikh Zayed Mosque with investments worth EGP 500 mn.
Hassanien had previously signed construction contracts worth around EGP 5 bn.
For the 1,200-acre Alburouj project, Hassanien said that CGP aims to achieve sales of EGP 4 bn during the current year, noting that the firm witnessed sales contracts worth around EGP 2 bn since the launch of Alburouj’s first phase in November 2016.
The CEO added that the marketing of Alburouj’s first phase “ALCOR”, which encompasses 3,000 residential units, is expected to be completed by the end of next month.
He also revealed CGP’s participation in Cityscape Global exhibition, held from October 2 to 4 at the Dubai World Trade Centre, to target local and foreign buyers.
Located along the Suez and Ismailia Desert Road, Alburouj is CGP’s first real estate project in Egypt. It is built at a cost of EGP 40 bn and is expected to include 30,000 housing units.