Capital launches $4bn Egypt project
01 May 2016
Capital Group Properties (CGP), a company owned by leading UAE developer Abu Dhabi Capital Group (ADCG) and Al Ain Properties, has launched ‘Alburouj’, an integrated residential community project in Egypt, said a report.
The project will be developed at a cost of E£40 billion ($4.47 billion) over a site located 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 provided at competitive prices.
In another development, Egypt’s Minister of Housing Mostafa Madbouly said construction firms have started work on the first residential neighbourhood in the New Administrative Capital.
“The neighbourhood will include 30,000 homes as the initial step in the government’s development of 10,500 acres for residences in the area,” he said.
The New Administrative Capital is spread over an area of 190,000 acres and will be developed in five phases.
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