Abdel Rahman Agamy, the CEO of Diamond Group and Sky AD. Developments, said that his company directed EGP 70m to its Residence Eight project in the New Administrative Capital (NAC) last year, and will allocate further EGP 400m in 2022.
Agamy told Daily News Egypt that the company achieved sales worth EGP1.7bn of the Residence Eight compound in the NAC, where the company sold out about 93% of units in 2021.
The company eyes achieving sales of EGP 700m of the project in 2022, which includes part of the commercial units in the Capital Avenue phase within the project, which will be built on 21,000 sqm, he noted, adding that it is planned to be offered for sale in February 2022. The company intends to begin construction works in the middle of this year.
The Residence Eight project is being developed in two phases, and the first selling phase includes about 220 units. It is planned to begin delivering the first set of units in the project to customers in the second quarter of 2024. Sky AD. has started the project construction immediately after receiving the plot of land and obtaining the ministerial approval for the project development.
Residence Eight is a residential and commercial complex, located on 23 feddans in NAC’s R8 district. The project includes 13 buildings, with a ground height and 8 floors, with a total of 1,000 housing units, ranging in size from 110 to 360 sqm.
“The New Capital is the most important real estate project in Egypt and the Middle East at the present time, due to the rapid implementation and construction of the project according to the latest technology in the world, with a strong interest and desire from the political leadership for the project to become an urban beacon that expresses the new republic the country seeks, he disclosed.” The masterplan of the NAC is characterized by the diversity of its properties between residential, commercial, administrative, health and educational projects, which presents huge and diversified investment opportunities for the local and foreign private sector, especially with facilities and incentives provided by the government and the company based on the project.”
Agamy further pointed out that there is an expected increase in real estate prices as a result of the increase in the prices of inputs to the real estate industry, for locally manufactured building materials such as cement, which has increased, and the costs of finishes increased by almost the same percentage, and therefore the cost of the property increased by about 15% in addition to the cost of land, operation and profitability.
The advantages of moving the government to the New Capital are numerous at all levels, starting with the goal of this transition, which is to build an efficient administrative apparatus characterized by governance, and live up to the aspirations of citizens and the extent of their satisfaction with the services provided. Secondly, an affirmation of the state’s seriousness in implementing its plans to transfer headquarters of the government to the new city, and a message that it is determined to complete this huge project to become a model for the new republic, he concluded.
