Egyptian real estate developer Capital Group Properties (CGP) plans to award three tenders for the development of the first phase of Borooj, an integrated urban project coming up on a 5-million-sq-m area on Suez-Ismailia desert roads, said a report.
CGP, a joint venture between Emirati groups Abu Dhabi Capital Group and Al Ain Properties, is considering large tracts of land development in a number of coastal and residential areas, reported Daily News Egypt, citing a senior official.
The Abu Dhabi Capital Group is a renowned investment group with several key projects in a number of countries across the globe, including the Hard Rock Hotel in Dubai, New Scotland Yard in London, Capital Plaza in Montenegro, and Rowdat and Capital Bay in Abu Dhabi.
The company aims to sign construction contracts worth E£1 billion ($53 million) for the first phase of Burooj within the first four months of the year, remarked Amgad Hassanein, the chief projects officer at CGP.
Hassanein said the decision on the first tender will be taken in the coming weeks. Three contracting companies are already in the race for the contract.
The company also assigned construction projects worth E£300 million to other companies last October.
CGP had last year signed up Hassan Allam Contracting Company for the development of 250 townhouses in the first phase of the Borooj project, said the report.
The integrated urban project will be developed in four phases over the next 10 years at a total investment of E£50 billion ($2.64 billion). Apart from the residential units, it will feature commercial, administrative, and recreational facilities, it added.
Daily News Egypt