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Sky AD. Developments, a subsidiary of Abu Dhabi-based Diamond Group, launched its third project in Egypt at total investment of 8 billion Egyptian pounds ($261 million).
Abdelrahman Agami told Zawya Projects that Bluetree, a 50-acre residential development located in golden square in New Cairo, is a joint venture with the New Urban Communities Authority (NUCA) under the housing ministry.
Sky AD. Developments had acquired the 50-acre plot in New Cairo in August 2022.
Agami said the project comprises of 1,300 units and commercial area, adding that they are targeting EGP 12 billion ($392 million) in sales revenues.
He said construction would start this year and delivery would begin in 2027.
JZMK is the main consultant for the project.
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, with both developments located in the New Administrative Capital (NAC).
(1 US Dollar = 30.63 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
