Capital Group Properties (CGP) has signed a MOU with Smart Villages company to build a smart village in its new project Alburouj, at a cost of EGP 1 bn in Shorouk City, according to a company statement.
As the Egyptian government attempts to tackle the country’s affordable housing shortage, a number of officials and developers have put forth solutions to existing problems, reported Daily News Egypt.
Capital Group Properties will launch construction in the first phase of their project Alburouj, under the name Acamar, at an investment cost of EGP 40 bn, according to Walid El-Hindi the company’s CEO.
Capital Group Properties has assigned the construction of 250 townhouses in Al Burouj project in Shorouk City to Hassan Allam Contracting Company, which will commence construction work this month.
Capital Group Properties (CGP), a subsidiary of Abu Dhabi Capital Group, signed five memoranda of understanding (MOU) with local and international organizations to implement the Al Burouj project.
Capital Group Properties (CGP) for real estate development received the cabinet approval of the Al Buruj project and offering the units for the public.