Sky Abu Dhabi Developments achieves EGP 1 bn sales through 600 sold residential units in its first project “Residence Eight” in the New Administrative Capital (NAC), Invest-Gate reports.

Sky Abu Dhabi has developed a fully integrated investment plan of EGP 15 bn over two years, starting with the implementation of its first project “Residence Eight,” over 23 acres.

For his part, Abdelrahman Agami, CEO of Diamond Group and Sky Abu Dhabi Developments, expresses his pride in the remarkable success achieved by the Residence Eight project in offering an innovative real estate product, highlighting that construction work has started during the company’s groundbreaking ceremony last March.

Following the successful record of the EGP 1 bn sales, it is expected that Sky Abu Dhabi would achieve 200 sold residential units by the end of 2021, with the aim of achieving 50% of projected sales in less than five months amounting up to EGP 1.5 bn.

Additionally, the company is steadily growing its customer base that has reached 500 customers in a record time. On the other hand, Sky Abu Dhabi supports the local labor market with a magnificent increase in its employment rate selected from qualified calibers.

Thus, the leading development model of Sky Abu Dhabi was recognized by the bt100 Business Awards Ceremony for the company’s best real estate investment performance in NAC.

Speaking of the Residence Eight project, it is located in the R8 District and includes 1,000 units, ranging from 80-360 sqm, some of which are apartments and some are luxury duplexes.

Moreover, the Residence Eight project brings modern living solutions to the Egyptian market with an equation of 80% allocated to the residential buildings and 20% to the commercial facilities, all designed with cutting-edge architecture and advanced engineering techniques. The project also encompasses large outdoor areas suitable for events and other outdoor residential activities, in addition to a luxury clubhouse.

It is noteworthy that Sky Abu Dhabi Real Estate Development Company is a subsidiary of the UAE “Diamond” Group, a leading real estate services provider, with investments amounting to USD 1 bn and a portfolio of projects amounting to more than 17 projects in the UAE.