Sky Abu Dhabi Developments (Sky AD. Developments), a subsidiary of the UAE-based Diamond Group, announced on Sunday that it has launched the second phase of its 4 billion Egyptian pounds ($255 million) Residence Eight project in the New Administrative Capital (NAC) after a sold-out Phase 1. 

The developer didn’t disclose the units on offer for the second phase but said the first phase comprised of 437 residential units. 

“The massive success of the first phase was a driving force for us to accelerate the company’s plans to invest 15 billion pounds ($958 million) over two years in the Egyptian real estate market,” CEO of Diamond Group and Sky AD. Developments, Abdelrahman Agamy said. 

CCO Mostafa Salah said the company achieved a 700 million pounds ($45 million) sales [for Phase 1], which represents 50 percent of targeted sales of 1.5 billion pounds ($96 million) in 2021. 

“We have also pumped 250 million pounds ($16 million) worth of investments this year to implement the project according to the scheduled timeline,” he said. 

Agamy added that the company is also looking into investing in diverse land areas, ranging from 50 to 100 acres in the North Coast and East Cairo. 

Sky Abu Dhabi Developments is a subsidiary of the UAE-based Emirati Diamond Group, with a portfolio that includes more than 17 projects in the UAE with total investments of $1 billion. 

(1 US Dollar = 15.66 Egyptian Pounds) 

(Writing by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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© ZAWYA 2021