PHOTO
Sky Abu Dhabi Developments (Sky AD. Developments), a subsidiary of Abu Dhabi-based Diamond Group, has acquired a 50-acre plot in New Cairo, the New Urban Communities Authority (NUCA) said on Monday.
The NUCA, which comes under the housing ministry, said in a press statement that the Emirati company will implement an integrated project on the plot in partnership with the Authority.
It said the company beat competition from local developers Pyramids Developments and UrbanLanes with its winning bid of 12,000 Egyptian pounds per square metre, bringing the total value of the land to 2.5 billion pounds, making it the highest price in New Cairo.
The planned project with NUCA would be Sky AD. Development’s third project in Egypt after Residence Eight, a residential project, and Capital Avenue, a commercial project, both located in the New Administrative Capital.
(Writing by Eman Hamed; Editing by Anoop Menon)
