Sky AD. Developments' Residence Eight booked EGP1billion sales

Sky Abu Dhabi Developments, the subsidiary of Diamond Group and one of the leading Emirati real estate developers, loggedEGP 1bn sales through 600 sold residential units in its project “Residence Eight” in the New Administrative Capital.

The Emirati company, which kicked off its operations in the Egyptian market last February, has completed the development of a fully-integrated investment plan of EGP 15bn over the period of two years, moving on to the implementation of its first project over 23 acres in the New Administrative Capital.

Sky Abu Dhabi received the ministerial approval to start construction in a record time.

Eng. Abdelrahman Agami, CEO of Diamond Group and Sky Abu Dhabi Developments expressed his pride of Sky Abu Dhabi’s significant contribution to the Egyptian real estate market, owing to the company’s experience in the implementation of mega projects in the United Arab of Emirates in addition to the remarkable success achieved by “Residence Eight” in offering an innovative real estate product that serves as a model for integrated projects with unparalleled experience compared to other market players as well as starting construction works during the company's ceremony last March.

Following the EGP 1bn sales through 600 sold units, it is expected that Sky Abu Dhabi would achieve 200 sold residential units by the end of 2021, with the aim of achieving 50% of projected sales in less than 5 months amounting up to EGP 1.5 bn.

The company is steadily growing its customer base that has reached 500 customers; the number is still expected to increase driven by the high demand on the project.

On the other hand, Sky Abu Dhabi supports the local labor market with anincrease in its employment rate selected from qualified calibers to add distinctive experiences to the company’s foundation, given the intense competitiveness in the real estate industry. The leading development model of Sky Abu Dhabi was recognized by the bt100 Business Awards Ceremony for the company’s best real estate investment performance in the New Administrative Capital.

The ‘Residence Eight’ project brings modern living solutions to the Egyptian market with an equation of 80% allocated to the residential buildings and 20% to the commercial facilities, all designed with cutting-edge architecture and advanced engineering techniques, to meet the customers’ demands while ensuring comfort, safety and privacy.

The project also encompasses large outdoor areas suitable for hosting events and other outdoor residential activities, in addition to a luxury clubhouse experience only few minutes away from residents’ homes.

Residence Eight is located in a prime location in the New Administrative Capital in the R8 area, which is surrounded by the Diplomatic Quarter from the west and overlooking 70 acres of green areas from the north, as well as the Green River near the downtown from the south.

It also includes one thousand units ranging from 80-360 square meters, some of which are apartments and some are luxury "duplexes".

It is noteworthy that Sky Abu Dhabi Real Estate Development Company is a subsidiary of the UAE "Diamond" Group, a leading real estate services provider specialized in a variety of projects and activities. With investments amounting to USD 1bn and a portfolio of projects amounting to more than 17 projects in the UAE.