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Sky AD. Developments, a subsidiary of Abu Dhabi-based Diamond Group, is engaged in negotiations to acquire a substantial plot of land on the North Coast, a top company official said.
The company’s CCO Mostafa Salah told Zawya Projects that they are negotiating for a plot in the 200-acre to 600-acre range on the North Coast but declined to elaborate.
According to global property consultancy Knight Frank, the North Coast’s real estate market is particularly popular among GCC nationals, who have between $500,000 and $1 million in investable assets.
Last week, Sky AD broke ground for its third project in Egypt, Blue Tree, at a total investment of 8 billion Egyptian pounds ($167 million). The 50-acre residential development, located in the Golden Square in New Cairo, is a joint venture with the New Urban Communities Authority (NUCA).
JZMK is the architect and Egis is the project management consultant for the 1,300-unit Blue Tree.
Salah said the project comprises of 1,300 units and commercial facilities with delivery scheduled to begin in 2027.
Sky AD is developing two projects in Egypt, namely Residence Eight, which was launched in February 2021, and Capital Avenue, which launched in February 2022, both located in the New Administrative Capital (NAC).
Salah said they are planning to deliver 200 units within Residence Eight by the first quarter of 2025.
A related press release quoted SKY AD. Developments’ CEO Abdelrahman Agami as saying that the company has allocated around EGP12 billion ($250 million) towards its projects in the NAC and New Cairo as part of previously outlined EGP15 billion (312 million) investment strategy for the country.
(1 US Dollar = 48.05 Egyptian pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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