By: Abdullah Bedir
Cairo - Mubasher: Capital Group Properties is looking to sign two fresh contracts at a combined value of EGP 1.5 billion for developing Alborouj project, in Al-Shorouq City, bringing the project’s total contracts to around EGP 6.5 billion.
The first contract entailed the construction of a smart village at as much as EGP 1 billion investments, while the second stood at EGP 500 million for building Sheikh Zayed Mosque, the firm’s CEO said on Sunday on the sidelines of “Egypt Real Estate Think Tank” forum.
Capital Group, owned by Abu Dhabi Capital Group (ADCG) and Al Ain Properties, thus far has signed construction contracts worth of about EGP 5 billion, Amgad Hassanien added.
The Egyptian real estate developer has recently inked a deal with Consolidated Contractors Company (CCC) to build villas in Alborouj project at total cost of EGP 1 billion, he noted.
In 2018, Capital Group signed contracts at combined value of EGP 2.3 billion.
Capital Group previously announced plans to increase Alborouj project’s contracts to EGP 3 billion in 2018.
In 2017, the project’s total contracts stood at around EGP 2 billion to implement 1,213 units, according to the company’s development manager.
Translated by: Ahmed Shehata
