Orascom named developer for $93m Egyptian project
High end residential project targets GCC based Egyptian expatriates
UAE-based developer Burooj Properties has inked a deal with Orascom Construction Industries to build its $93m Village Garden Katameya project in Egypt.
Burooj, the real estate arm of the Abu Dhabi Islamic Bank, said that the move to appoint OCI was an important milestone for the project as it would contribute to boosting investor confidence of the delivery according to schedule.
“The Village Garden Katameya in Cairo is an exciting project for Burooj,” said company managing director Adel Ahmed Al Zarouni.
He added that he expected the MENA property market to recover well following the global downturn and as such, expected the project to attract a wide range of buyers, especially from the expat Egyptians living in the GCC.
“This can readily be seen from the responses we’ve had from interested buyers, which reflects the strong demand for modern and luxury residential units in Egypt, particularly among expat Egyptians.”
This view is backed up by a recent report by Colliers International, which found that the majority of investors believed that the relative value of Middle Eastern real estate had increased strongly as compared to ten years ago.
Approximately 70% of those investors intend to increase their real estate holdings in the Middle East over the next 12 months, with two-thirds reporting target returns in the region of 15% to 20%.
Situated in eastern Cairo, near the American University, the Village Gardens Katameya is a master-planned residential community consisting of modern standalone villas, town houses and apartments.
It is also home to various sports and leisure facilities and a shopping strip catering to residents’ needs.
The project is first joint venture between Burooj and the Egyptian real estate developer, Palm Hills Development. The two signed an agreement in 2010 to cooperate in the development and marketing of a set of residential projects for a wide range of customers.