(Investment value removed from the 8th paragraph due to ongoing revision process; area of commercial portion corrected from 18,000 to 21,000)
Sky Abu Dhabi Developments, a subsidiary of the UAE-based Diamond Group, is planning to launch the commercial portion of its Residence Eight project, located in Egypt’s New Administrative Capital, in the first quarter of 2022.
CEO Abdel Rahman Agami said the developer will launch the 21,000 square metre commercial part by January 2022, adding that construction will start by the end of 2022.
“We will deliver the entire Residence Eight project in the first quarter of 2025,” he told Zawya Projects on the side lines of media tour of the project site on Wednesday.
The 23-acre development includes both residential and commercial portions.
Agami said YBA is the architect and ACE Moharram Bakhoum is the main consultant of the project.
Zawya Projects had reported earlier that 220 units [within the first phase] of Residence Eight would be delivered in the second quarter of 2024.
The Sky Abu Dhabi CEO added that the company will spend 400 million Egyptian pounds ($26 million) on construction works in 2022.
In August, Zawya Projects had reported that Sky Abu Dhabi had launched the second phase of its Residence Eight project. The first phase comprises of 437 units, the report noted.
Agami also disclosed that the company has identified New Cairo, Sheikh Zayed city, and the North Coast for launching new projects in the next three years.
In April 2021, Sky Abu Dhabi had announced that they have signed an agreement with the First Abu Dhabi Bank (FAB), the UAE's largest bank, to provide mortgage finance to customers.
(1 US Dollar = 15.71 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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