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. 

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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) 

(anoop.menon@refinitiv.com) 

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