Sky Abu Dhabi Real Estate Development, a subsidiary of the UAE-based Diamond Group, will deliver the first units of its Residence Eight project in New Administrative Capital in the second quarter of 2024.
The 23-acre Residence Eight includes residential and commercial portions.
Company CCO Mostafa Salah told Zawya Projects that construction of the project started in March 2021.
“The residential portion, comprising of a total 1,000 units, would be completed in two phases in four years. We are planning to deliver a total of 220 units of the first phase of the project during the second quarter of 2024," he said.
In May, Zawya Projects had reported that the first phase of the 4 billion Egyptian pound ($254 million) Residence Eight comprises of 437 residential units.
The company said in a related press statement on Wednesday that Diamond Group subsidiary S2A is construction contractor for the project.
The statement said the project has registered sales worth 1.7 billion pounds ($108 million) since its launch.
The company will invest 15 billion pounds ($953 million) in real estate projects in Egypt over the next two years, added Salah.
(1 US Dollar = 15.71 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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