Capital Group Properties (CGP), a company owned by leading UAE developers Abu Dhabi Capital Group (ADCG) and Al Ain properties, has put out the construction of ‘Alburouj’ to tender so that the first phase of the project would start in June 2016, Chief Projects Officer Amgad Hassanein said Sunday.
Hassanein added that his company has invited 12 leading construction companies operating in the Egyptian market to the tender.
Located between the Suez and Ismailia Desert roads, the project’s phase I is to built over three years with total cost of 10 billlion Egyptian pounds, Hassanein noted.
‘Alburouj’ is an integrated residential community project in Egypt, spread over 1212 acres. It aims to provide housing to all segments of society, it will be developed with a cost estimated at EGP 40 billion ($4.47 billion) to build 30.000 residential units.
CGP has paid $ 150 million till now for the New Urban Communities authority (NUCA) to utilise the project so as to start carrying out the project.
CGP is a company owned by Abu Dhabi Capital Group (ADCG) and Al Ain properties, leading global developers with diversified investment portfolios and an extensive land bank of prime locations world-wide.