Sky Abu Dhabi Developments completes a significant construction volume of Residence Eight and achieves EGP 1.7B contractual sales in nine months, announcing delivery to start in the second quarter of 2024, Invest-Gate reports.
Furthermore, Sky Abu Dhabi Developments has achieved contractual sales of EGP 1.7bn since the launch of the project, which represents 93% of the sales volume of the residential project, “reflecting the customers’ confidence in Sky Abu Dhabi Developments’ expertise in implementing successful projects, fulfilling the aspirations of customers, and its ability to provide a distinctive real estate product that adds to the real estate market,” the official statement reads.
This comes as part of a site visit held on November 24, attended by Abdelrahman Agamy, CEO of Diamond Group and Sky Abu Dhabi Developments, Mostafa Salah, CCO of Sky Abu Dhabi Developments, Ashraf Hamdi, CEO of S2A and prominent economic journalists.
According to press release, the purpose of the visit is to get acquainted with the detailed plan of Residence Eight, and to see the construction updates in reality. This comes in accordance with Sky Abu Dhabi Developments’ ambitious goal to make “Residence Eight” the fastest project to be built in the New Administrative Capital by a private sector company. The goal comes in parallel with the government’s vision to quickly achieve urban development in an attempt to accommodate the population increase in Egypt, and to implement projects that add value to the real estate industry.
Residence Eight spans over an area of 23 acres at the New Administrative Capital and includes a residential and commercial complex. Residence Eight is strategically located in the R8 area of the NAC, and surrounded by the Diplomatic District from the west, and overlooks 70 acres of greenery from the north, whilst the Green River lies to the south near the city center. In addition, the project was designed to include spacious green areas amounting to 82% of the total area of the project and offers 1000 residential units which range from apartments luxurious duplexes, starting from 110 sqm and up to 360 sqm.
Agamy says, “Sky Abu Dhabi adopts a vision of building fully fledged integrated urban projects that provide a luxury and high quality of life for the customers. We joined forces with one of the biggest and well-known firms in architectural design to develop a modern design for the compound with the latest technological systems. The company was eager to finalize all the legal documents, get the ministerial decision and resume the licensing process and construction works.” He also praises the role of the Administrative Capital for Urban Development in finalizing the required legal documents papers to start working on the project.
Hamdi states that the company started the excavation, foundation and concrete work immediately after receiving Residence Eight’s land. “The great expertise of the team was the reason behind this success which comes in parallel with our goal to be the fastest real estate developer in the private sector to implement a project in the New Administrative Capital and commit to the units’ delivery dates as per our agreement with the customers,” he says. He also points out that the company is planning to deliver a total of 220 units of the first phase of the project during the second quarter of 2024.
Sky Abu Dhabi Real Estate Developments is a subsidiary of Diamond Group; leading Emirati regional group specialized in real estate development and construction. With a diverse portfolio of projects and operations, the Group’s investment amounts to USD 1 billion, through more than 17 projects in the UAE.