Sky Abu Dhabi Developments has announced the launch of a new sales phase of its “Residence Eight” project at the New Administrative Capital (NAC), following the overwhelming success of the first phase, Invest-Gate reports.

Reflecting the trust and confidence in the Emirati-based developer, the first phase of the flagship project, which comprises 437 residential units, was fully sold out, with a total value of sales worth EGP 700 mn. 55% of the turnout was Egyptian customers, while 45% are expatriates.

With investments worth EGP 4 bn, the flagship project “Residence Eight” spans over an area of 23 acres and offers 1,000 residential units that range from apartments to luxurious duplexes starting from 110 sqm and up to 360 sqm. Strategically located in the R8 area, the premium location of the project is surrounded by the Diplomatic District from the west and overlooks 70 acres of greenery to the north, and the Green River from the South near the city center.

“The massive success of the first phase of Residence Eight project was a driving force for us to accelerate the company’s plans to invest EGP 15 bn over two years in the Egyptian real estate market,” CEO of Diamond Group and Sky AD. Developments Abdelrahman Agamy says.

“The company is studying several investment opportunities in the New Administrative Capital, given the high demand on the promising city, ahead of the transfer of civil servants and ministries to this new administrative hub. We are also looking into investing in diverse land areas, ranging from 50 to 100 acres in the North Coast and East Cairo,” he adds.

“Residence Eight” is the first project for Sky Abu Dhabi Developments in Egypt, aiming to support the government’s urban development strategy, in line with Egypt’s Vision 2030. “We have achieved a EGP 700 mn sales record since the launch of Residence Eight project on March 7, which represents 50% of the total contractual sales worth EGP 1.5 bn in 2021,” Mostafa Salah, CCO of Sky AD. Developments says. “We have decided to launch a new sales phase to meet the increasing demands on the project,” he states.

With unmatched high-quality standards along with the company’s serious strides to implement and complete the project, Mostafa Salah expects that the sales of the new phase will surpass the first one. “We have also pumped EGP 250 mn worth of investments this year to implement the project according to the scheduled timeline,” he adds.

Sky Abu Dhabi Developments is a subsidiary of the UAE-based Emirati Diamond Group, with a portfolio that includes more than 17 projects in the UAE with total investments of USD 1 Bn.