Capital Group Properties (CGP), a company owned by leading UAE developers Abu Dhabi Capital Group (ADCG) and Al Ain properties, has launched ‘Alburouj,’ an integrated residential community project in Egypt, said a report.
Aimed at providing modern residential units at competitive prices, the project will be developed at a cost of E£40 billion ($4.47 billion) on a project area between the Suez and Ismailia Desert roads, reported the Daily News Egypt.
The first real estate project of CGP in Egypt, Alburouj will feature 30,000 new housing units.
Spread over 1212 acres, the integrated community project aims to provide housing to all segments of society, it added.
In another development, the housing minister said Egyptian construction firms have started implementation work on the first residential neighborhood in the New Administrative Capital.
"The neighborhood will include 30,000 housing units as the initial step in the government’s development of 10,500 acres for residential housing in the area," Minister of Housing Mostafa Madbouly said.
The New Administrative Capital is spread over an area of 190,000 acres and will be developed in five phases. The first phase includes 30,000 acres, 10,500 of which the government already began to develop and will be completed in three years, he stated.
Madbouly said a number of Chinese companies will start establishing a governmental neighborhood over the coming months.
The neighborhood will include 14 buildings and a convention center. Chinese companies will oversee the construction of the governmental buildings, while Egyptian companies will execute the housing projects.
Daily News Egypt