Egypt’s developer CGP pumps $250m in Alburouj project

Egypt’s developer Capital Group Properties (CGP) is set to pump investments of US$250 million into Alburouj project until March 2017, Amgad Hassanein, chief projects officer, said Sunday. CGP started injecting these investments since the launch of Alburouj project in March 2016.

Speaking to Amwal Al Ghad, Hassanein announced that Capital Group allocated these investments for implementing infrastructure and housing units of project’s first phase.

Hassanein added that his company started executing another project with investments estimated at five million Egyptian pounds (US$277.9 million), including 3,000 townhouse units.

CGP plans to promote about 20 percent of the townhouse units in the Arab Gulf states and United Arab Emirates during the upcoming period, Hassanein stated.

He further confirmed that CGP does not face any problems in pricing units currently.

Hassanein said that Capital Group contributed in pumping one-third of foreign investments in the Egyptian real estate market during 2016, accordingly, this  would reflect company’s confidence in the power of Egyptian market and its potential to grow and enrich national economy.

CGP is in talks with housing ministry over new investment opportunities in Cairo, North Coast, and the Red sea, the official noted