Sky Abu Dhabi Developments, Egyptian unit of UAE’s Diamond Group, launches the Blue Tree project in New Cairo’s Golden Square, with EGP 8 bn investments, Invest-Gate reports
Situated on 50 feddans, the Blue Tree includes residential, commercial and administrative units.
The Blue Tree project is the third of Sky Abu Dhabi’s projects in the real estate market after its launch in Egypt in less than two years.
Abdelrahman Agami, CEO of Diamond Group and Sky Abu Dhabi Developments, states that the latter has an ambitious investment plan to expand in the real estate market, and it launches three different projects within a short period of time.
He adds that Sky Abu Dhabi Developments aims to inject new investments in the coming period, pointing out that the urban development plans adopted by the Egyptian government encourage developers to establish various projects, including residential, commercial and administrative projects.
Around 81% of the Blue Tree’s total area is allocated to open spaces. The project features 1,300 housing units, in addition to the commercial and administrative buildings that were designed to serve customers are provide them with all their needs.
Works on the project are scheduled to begin in 2023, and the delivery of the first phase will be in 2027.