It plans to deliver 670 units late this year
Capital Group Properties hands over 817 units at Al Burouj
Imkan Misr started off developing 167-acre land in the 5th Settlement
Abu Dhabi Capital Group (ADCG), the world-renowned developer, disclosed the delivery of 817 units at Al Burouj out of a total of 2728 that have already been sold out. Al Burouj, one of the company's largest projects in Egypt, spreads over 4mln sqm area.
ADCG, a leading developer with a varied portfolio consisting of more than 30mln sqm projects in key sites of the world's most important countries across four continents, owns a 50 percent stake in Capital Group Properties and 100 percent stake in Imkan Misr.
ADCG plans to deliver 670 units in Al Burouj late this year, as the 4-phased project is scheduled to finalize in 2029. Also ADCG awarded contracting works to several companies, including Hassan Allaam, Redcon, Misr Engineering Development (Medcom), Gama, Dorra Group, M.A.Kharafi, whereas Palace Dynamics will work out the project's layout.
Al Burouj, launched by ADCG back in 2016 at an investment costs of EGP47bn, is an optimal model for high-quality integrated urban communities. The project, located in East Cairo, comprises 15,000 housing units, an international school, a mall with a leasing space of up to 46,500 sqm, a 38,000 sqm sporting club, a cultural center, as well as a business park (administrative buildings) which is built over an area of 120,000 sqm, encompasses 12 buildings and is run by the Smart Village.
In view of the company's outstanding and ongoing successes in real estate development, together with the remarkable growth rate achieved in the Egyptian property sector, Imkan Misr unveiled the launch of its new project in the 5th Settlement over an area of 167 acres in the posh neighborhood of " Golden Square. Also, the company said that it paid EGP1bn installment to purchase the land of the project.
Moreover, the company affirmed that it has agreed with the Egyptian government over all details relating to the project and has already submitted the pertinent ministerial decree which is currently subject to final technical review.
In respect to the implementation process, the company has appointed a world-renowned consulting office which completed up to 100 percent of the overall layout of the project. The company also entered into agreement with Delos with the aim of proposing an innovative idea capable of becoming the first of its kind across Egypt and Africa.
Additionally, U.S-based SWA worked out the layout of the project's landscaping, according to the company, adding that it is currently bracing to offer the land.
Imkan Misr, a leading investment and real estate development company, managed to become one of Egypt's prominent developers in record time.