Cairo: Abu Dhabi Capital Group (ADCG), a leading global developer with a diversified investment portfolio of more than 30 million square meters in the most important locations and countries around the world spanning across four different continents, and which owns a 50% stake in Capital Group Properties, as well as a 100% stake in IMKAN-Misr, confirms that it has completed the delivery of 817 units out of a total of 2728 units sold in the "Alburouj" project, one of the company's largest projects in Egypt located on an area of 5 million square meters.
The company plans to deliver 670 units of the project by the end of this year, as the project will be built in four phases, ending in 2029. It has also contracted with several companies to implement contracting works, including Hassan Allam, Redcon, Misr Engineering Development - Medcom, Gama, Dorra Group for Development, and Al Kharafi.
Alburouj, which was launched by the company in 2016, is considered an ideal model for integrated urban communities, with an investment cost of EGP 47 billion located in East Cairo. The project includes around 15,000 housing units, an international school, a commercial center with a rental area of 46.5 thousand square meters, a sports club on an area of 38,000 square meters, a cultural center, in addition to a business park on an area of 120,000 square meters comprising of 12 buildings. The Office park will be managed by Smart Villages, the first and only Smart Villages in the East of Cairo.
In view of the great and continuous successes that the company has achieved in a short span of time in the field of real estate development in the Egyptian market, in addition to the remarkable growth in the Egyptian real estate sector, IMKAN-Misr announced its new project in the Fifth Settlement on 167 acres in the “Golden Square” area, one of the most sought after locations in New Cairo, and confirms paying EGP 1 billion as a premium for the land to start development work.
The company also confirms that it has finalized all the details of the project with the Egyptian government, and has already submitted the ministerial decision, which is currently in the technical review stage.
Regarding the project's implementation steps, the company appointed a global consulting office, which completed 100% of the project master plan. The company also concluded an international strategic partnership agreement with Delos introducing an innovative concept for the first time in Egypt and Africa.
The company confirmed that it has cooperated with SWA, an American consultancy based in New York, to complete the landscape design of the project. Additionally, indicating that it is currently in the stage of preparation for project’s launch into the market.
It is worth mentioning that IMKAN is one of the leading companies in investment and real estate development and has been on the platform of major real estate developers in Egypt in record time.
© Press Release 2021