Capital Group Properties (CGP) announced on Wednesday that it has appointed Innovo Group to construct two new residential zones comprising 900 units within its Alburouj residential project in East Cairo.

The construction contract for the two zones, with a development value of 2 billion Egyptian pounds ($65 million), was awarded to Innovo Group following a public tender, CPG CEO Ahmad Aref said.

He said construction work would commence in the fourth quarter of 2023 and be completed in 2025.

The contract value wasn’t disclosed.

Aref also disclosed that more than 2,127 units have been delivered to date within the project.

The EGP77 billion ($2.5 billion) Alburouj spans an area of 5 million square metres and includes residential units, schools, a mall, a 70-acre park, retail area, cultural and sports facilities.

Founded in 2015, CGP is equally owned by Abu Dhabi Capital Group (ADCG) and Al Ain Properties.

(1 US Dollar = 30.90 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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