Sky Abu Dhabi inaugurates “Residence Eight” project in the New Administrative Capital

Sky Abu Dhabi Real Estate Development, a subsidiary of the UAE-based Emirati Diamond Group, has announced the inauguration of its first project “Residence Eight” in the New Administrative Capital, with investment worth EGP 4 billion.

Sky Abu Dhabi aims at supporting Egypt’s urban development to accommodate the rapid increase in population, which falls in line with the state’s sustainable development strategy - Egypt’s Vision 2030 as well as establishing integrated communities that provide quality of life for Egyptians.

In a bid to encourage foreign direct investment in Egypt, Sky Abu Dhabi Real Estate Development has obtained the ministerial decision that approves the planning and division of the plot of land of “Residence Eight” project in the New Administrative Capital. In the meantime, the company began its constructions and offering the project’s units for booking, targeting to achieve sales of EGP 1.5 billion in 2021.

The “Residence Eight” project consisted of a residential as well as commercial complexes, spanning over an area of 23 acres. The project is strategically located in the most premium area of the New Administrative Capital, the R8 area which is surrounded by the diplomatic district from the west and overlooking 70 acres of greenery from the north and the Green River from the south near the city center.

The new project is perfectly designed to take in an equilibrium of landscape, expanding over 82% of the total area of the project as well as around 1000 housing units varying between apartments and luxurious duplex units of various areas, ranging between 80 to 360 SQM, which creates a flawless and harmonious balance.

“Residence Eight” project introduces a real model of an integrated community by offering modern living solutions that serve all customers’ needs and achieve comfort, safety and privacy through allocating 80% of the project to the residential units while 20% to the commercial use, bringing together the latest in engineering, architecture and design.

The project includes a wide outdoor area to host activities, events and occasions; as well as a clubhouse within the walking distance of the residential area and other facilities like a gym, health club, smart facility management, underground automated parking, full access control, pools, outdoor living rooms and lounges at roof, kids areas, dining, bikes lanes, jogging track.

“the company’s decision to establish its first ever project in Egypt’s New Administrative Capital coincides with our vision to become one of the largest real estate companies in the Egyptian market by providing smart integrated communities with unique regional standards,” stated CEO of Diamond Group and Sky Abu Dhabi Developments, Eng. Abdelrahman Agamy. “this vision does conform with the New Administrative Capital’s strategy that aims to become a smart city,” He added.

Eng. Agamy added that Sky Abu Dhabi’s vision is to achieve sustainable development and fulfil the diverse customers’ needs and provide them with added value beyond just homes, from residential buildings to commercial and public services.

“Sky AD. has studied Egypt’s real estate market to identify the customer's needs, and we are looking forward to offering a different distinctive product that matches the customer’s requirements and capabilities,” Mostafa Salah, CCO of Sky AD. Developments said. “we seek to gain customer confidence by adhering to the scheduled timeline for implementing the project, in addition to providing units with competitive prices and unique payment facilities,” He stated.

Mostafa Salah explained that Sky AD. Developments targets the wide spectrum of customers across Egypt’s governorates as well as Egyptians working abroad. “the Egyptian real estate market is a promising and attractive market for investors, as it is distinguished by many competitive advantages, such as the increasing population, which reflects the permanent need for continuous urban development, as well as the various incentives and facilities for foreign investments, which were introduced by the new investment law not to mention the attractive investments revenues that characterized the Egyptian market,” Salahadded.

“Residence Eight” is considered the first ever real estate project for Sky Abu Dhabi Developments in Egypt since its announcement tapping into the Egyptian market to bring in its regional real estate expertise, with an investment portfolio of EGP 15 billion within the next two years. With an outstanding portfolio of various projects and operations in the UAE, Sky Abu Dhabi real estate Developments has a strategic plan to expand regionally and internationally.