Egyptian developer Akam Developments has launched Phase 3 of its Scene 7 residential project in the New Administrative Capital (NAC) at an investment of about 400 million Egyptian pounds ($25.48 million), a top company official said.
Chief Commercial Officer Edrees Mohamed told Zawya Projects that Phase 3 comprises 384 units and is expected to fetch sales revenue of 890 million pounds ($57 million).
Phase 1 and 2 totalling 768 units generated sales worth 1.6 billion pounds ($102 million), he added.
The 4.5-billion-pound ($287 million), 40-acre Scene 7 project includes 1,600 units in 48 buildings and will be completed by 2024.
Hesham Kandeel, Akam's Chief Technical Officer said they have completed 30 percent of Scene 7 since September 2020 and are aiming to complete 65 percent by the first quarter of 2022.
Construction site of Scenario, Akam's first project in the New Administrative Capital
He added that Arab Consulting Engineers - Moharram Bakhoum, is the main consultant of the project.
Kandeel said the company budgeted 1.2 billion pounds ($76.47 million) this year for construction works in Scenes 7 and Scenario, the company’s first residential project in the NAC.
The 40-acre development, comprising of 1,500 units in 49 buildings, is 65 percent complete and would be delivered by 2023, he said, adding that the 400-unit Phase 1 would be delivered by end-2021.
(1 US Dollar = 15.69 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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