SKY AD. Developments, the real estate arm of Diamond Developers, begins construction on its Bluetree project in New Cairo’s Golden Square, Invest-Gate reports.
This marks the company’s third project in Egypt and its first in the Fifth Settlement, aligning with the national strategic urban development plan for 2052.
Moreover, the plan aims to accommodate population growth, reflecting the company’s confidence in the Egyptian real estate market and commitment to contributing valuable projects.
Journalists and SKY AD attended a media event at the Bluetree site in New Cairo. Development executives, including CEO Abdel Rahman Agami and CCO Mostafa Salah, marked the commencement of construction and laying the foundation stone.
Furthermore, SKY AD. Developments plan significant investments in Bluetree’s construction, boosting the real estate sector’s contribution to the GDP and creating numerous direct and indirect job opportunities. The company is committed to delivering high-quality units on schedule while adhering to environmental standards. The necessary licenses have been obtained to ensure smooth construction.
Agami stated, “SKY AD. Developments is investing around EGP 12 bn in its Egyptian projects, in the New Administrative Capital and New Cairo, as part of the previously announced EGP 15 bn investment package.
“These investments strengthen our market position, meet client aspirations, and contribute to economic development by offering high-quality, innovative residential experiences,” Agami added.
Salah added, “The Bluetree project represents a significant addition to Egypt’s real estate sector with its modern design by JZMK, a leading architectural firm. The project offers comprehensive services and employs the latest management and operational technologies to enhance service efficiency and environmental sustainability.” He noted that 40% of Bluetree’s residential units have been sold, generating approximately EGP 5 bn sales, with the first units expected to be delivered by 2027.
Notably, Bluetree recently won the “African Property Awards” for the best residential project in Africa for 2023-2024, recognized for its unique designs that provide privacy, tranquillity, and security while offering comprehensive services and open spaces for a healthy living environment.
