Sky Abu Dhabi Developments (Sky AD) announces the selling out of Residence Eight project with its 1,000 units in less than a year from its official launch with contractual sales worth EGP 1.95 bn, Invest-Gate reports.

Residence Eight spans over 25 acres with an approximate investment of EGP 4 bn in a distinguished place in R8 area in the NAC, where 80% of the project is allocated for residential units and 20% is for commercial units.

The 1000 units of the project encompass apartments and duplex units with various sizes to satisfy the different needs of the clients ranging from 80 to 360 sqm. The company also offers competitive installment plans for up to 10 years.

Abdelrahman Agami, CEO of Diamond Group and Sky AD says, “the company aims to pump EGP 15 bn in the Egyptian market until the end of 2022, besides studying many investment opportunities in cooperation with the state, represented by the New Urban Communities Authority, in Eastern and Western Cairo, or investing in new lands at the NAC or the North Coast through either buying the lands or partnerships.”

Moreover, Residence Eight is able to attract an enormous number of buyers from abroad with Egyptian expatriates, Emirati, and Saudi buyers contributing to more than 50% of the total sales.

From his side, Mostafa Salah, CCO of Sky AD, says that the company studies launching a branch of “Golden Diamond” Facility Management Company in the Egyptian market. The company’s branch in Egypt is planned to manage Sky AD’s local projects, Residence Eight and Capital Avenue, to provide after-sale services to guarantee world-class services are being provided to the company’s clients and residents.

Likely, Residence Eight has exterior areas to host events, activities and occasions as well as a clubhouse for the residents’ luxury. In addition, the project is close to Capital Avenue, one of the biggest commercial projects in the R8 area in the NAC.

The project is designed to offer various multi-use spaces for commercial, administrative activities and medical clinics. Further, Capital Avenue was launched in February 2022 and the construction work is scheduled to begin by the middle of this year.