UAE: Abu Dhabi firm tenders for $4.5bn Egypt homes
Capital Group Properties will develop the 30,000 unit-strong project that spans 490ha, with first phase construction costs estimated at $1.1bn
Capital Group Properties (CGP), a company owned by UAE developers Abu Dhabi Capital Group (ADCG) and Al Ain properties, is said to have released a tender to commence a $4.47bn (EGP40bn) project in Egypt.
Alburouj's first phase of construction works could commence in June this year, CGP's chief projects officer said.
Amgad Hassanein revealed that his company has invited 12 construction companies operating in the Egyptian market to bid for the project.
The residential development spans 490 ha (1,212 acres), and is situated between the Suez and Isamailia Desert roads.
First phase construction costs are estimated to be $1.1bn (EGP10bn).
Alburouj's 30,000 units are aimed at providing housing options across all property segments.
According to Amwal Alghad, CGP has paid $150m (EGP1.3bn) to Egypt's New Urban Communities Authority to begin works on the project.