ICEC

Capital Group Properties to invest 3bn pounds in Alburouj New Cairo next year

Capital Group Properties (CGP), part of Abu Dhabi Capital Group (ADCG), says it will invest 2 billion and 3 billion Egyptian pounds ($113.3 million and $170 million) in its Egyptian flagship Alburouj within 2018.

The fully-fledged urban flagship is located in New Cairo over 1,212 feddans or 5 million square metres.

Ahmed Fathy, head of development sector at CGP, said Saturday that the company has so far signed contractual contracts worth around 1.5 billion pounds for Alburouj.

“We have marketed about 85 percent in the first phase of the project, which is to include 3,000 various housing units,” Fathy further stated, adding that it will be completely promoted within the first half of next year.

Capital Group expects to start marketing the second phase within the second half of 2018, the Egyptian official noted, saying that the construction works will be executed at the end of 2017.

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