Skyway, the real estate developer, plans to launch the Bayadega project in the new capital, with EGP 700 mn of anticipated investments, Invest-Gate reports.

“The company acquired a plot in the Downtown New Capital to develop an administrative, commercial, medical project with international standards, as it’s enjoying the first hanging food court in the New Capital, fitting with the real estate market development trends and the entry of new real estate products to be a sector’s addition,” Hosny ElSaidy, Skyway CEO, is quoted as saying in a company press release on April 9.

“Bayadega, the Downtown New Capital project, will be on an area of 3,600 sqm, 63 m height, and features different activities and services that help investors. The company also provides up to 10 years of payment systems,” ElSaidy notes.

He further points out that the company has completed the preparation of engineering designs and drawings for the Bayadega, and the engineering consultant office, Mohamed Talaat, a consultant to the ministries’ project, the Islamic Cultural Center, and the Grand Mosque in the New Administrative Capital, undertakes the design work for the project.

Moreover, the company plans to start the implementation work on the project during the second half of this year and has contracted with an Emirati contracting company specialized in the work of towers he continues.

Furthermore, the company has a vision of providing EGP 3bn investments in New Capital as a part of its expansion plan in this key area, the CEO reveals.

The company aims to form new alliances with Gulf real estate companies during the coming period, to inject new investments and develop a package of various real estate projects, especially in the cities developed by the state, ElSaidy points out.

ElSaidy projects a 10-15% rise in realty prices this year, driven by demand’s volume based on real estate and the relative rise in some building materials.