Egyptian developer Imkan-Misr, part of Abu Dhabi Capital Group (ADCG), announced on Tuesday that it is preparing to launch a new project, spread over an area of 167 acres, in the Fifth Settlement, New Cairo.
Imkam-Misr is currently building the 47-billion Egyptian pound ($3 billion) Alburouj mixed-use project in New Cairo.
The company said in a press statement that it has paid 1 billion pounds ($64 million) for the land to start development work for [the yet-to-be-named] project.
In November 2019, Imkan Misr said it was allocated a 166-acre land plot in New Cairo by the Ministry of Housing at a total value of 5 billion pounds ($319 million)
The project is currently in the technical review stage with the Egyptian government, the statement said, adding that its master plan was completed by “a global consulting office,” while landscape design was completed by American consultancy SWA.
The company has concluded a strategic partnership agreement with US-based Delos, a wellness real estate and technology company, to bring “an innovative concept for the first time” to Egypt and Africa, according to the statement.
Meanwhile, Imkan-Misr is targeting to deliver 670 units of Alburouj by the end of 2021, having delivered 817 units of the 2,728 units sold so far.
Contractors working on Alburouj include Hassan Allam, Redcon, Misr Engineering Development - Medcom, Gama, Dorra Group for Development, and Al Kharafi, the statement said.
Launched in 2016, and spread an area of 120,000 square metres, Alburouj comprises 15,000 housing units, an international school, a commercial centre, a sports club, a cultural centre, and a 12-building business park, and is scheduled to be completed by 2029, according to the press statement.
(1 US Dollar = 15.72 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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