Sky Abu Dhabi’s Residence Eight project sells out in less than 1 year

We value our clients’ trust in Egypt as we look into new investment opportunities in cooperation with NUCA: Agami

We plan to launch a branch of “Golden Diamond” in Egypt specialized in facility management and operation to provide the ultimate after-sale services to our clients: Salah

SKY AD. Developments announced the selling out of its flagship project, Residence Eight, with its 1,000 units in less than a year from its official launch with contractual sales worth EGP 1.95 billion. This is a first in the real estate sector for a developer to sell 100% of the total launched units in record time with its first project.

Residence Eight spans over 25 acres with an approximate investment of EGP 4 billion in a distinguished place in R8 area in the New Administrative Capital, where 80% of the project is allocated for residential units and 20% is for commercial units. The 1000 units of the project encompass apartments and duplex units with various sizes to satisfy the different needs of the clients ranging from 80 m² to 360 m². The company also offers competitive installment plans up to 10 years.

Eng. Abdelrahman Agami, CEO of Diamond Group and Sky Abu Dhabi Developments said, “We are proud to have gained the trust of our clients through our first project in Egypt. We always aspire to offer the best in class real estate projects that cater to the needs of our clients”. He added that the company is studying many investment opportunities in cooperation with the state, represented by the New Urban Communities Authority, in Eastern and Western Cairo, or investing in new lands at the New Capital or the North Coast through either buying the lands or partnerships. This comes as part of Sky AD’s plan to increase its investment in the Egyptian market. “We aim to pump EGP 15 billion in the Egyptian market until the end of 2022,” he added.

Eng. Abdelrahman Agami added that Residence Eight was able to attract an enormous number of buyers from abroad with Egyptian expatriates, Emirati, and Saudi buyers contributing to more than 50% of the total sales. He also confirmed that the company is looking forward to increasing this rate in the coming phase in line with the national strategic plan until 2052 that aims to boost real estate exports.

Residence Eight is an integrated project that offers multiple services catering to clients’ needs while ensuring the highest levels of comfort and safety. With a prime location in the R8 area at the New Capital and state-of-the-art architecture techniques and designs, Residence Eight is surrounded by the diplomatic neighborhood from the west, overlooking 70 acres of green spaces from the north and the Green River from the south near the city center.

From his side, Mostafa Salah, CCO of Sky AD. Developments said that the good reputation of Diamond Group, the Emirati mother company, across the region has significantly contributed to the high demand for Residence Eight units in addition to the prime location, services, and variety of spaces the project offers and the competitive installment plans. “We value and appreciate the clients’ trust in our company and we look forward to providing them with the most advanced services to ensure their satisfaction,” he explained.

Salah added that the company studies launching a branch of “Golden Diamond” Facility Management Company, a subsidiary of Diamond Group headquartered in Abu Dhabi, in the Egyptian market. Golden Diamond has been operating for more than 20 years in the facility management field with many successful mega projects across the region. The company’s branch in Egypt is planned to manage Sky AD’s local projects, Residence Eight and Capital Avenue, to provide after-sale services to guarantee world-class services are being provided to the company’s clients and residents while maximizing the return of investment. The company will provide facility management and maintenance services among others.

As an integrated project, Residence Eight has exterior areas to host events, activities and occasions as well as a clubhouse for the residents’ ultimate luxury. In addition, the project is close to Capital Avenue, one of the biggest commercial projects in the R8 area in the New Administrative Capital. The project was designed to offer various multi-use spaces for commercial and administrative activities as well as medical clinics to offer an exceptional shopping experience for the New Capital’s residents and visitors. Capital Avenue was launched in February 2022 and the construction work is scheduled to begin by the middle of this year.

About Sky Abu Dhabi Developments

Sky Abu Dhabi Real Estate Development is a subsidiary of Diamond Group; leading Emirati regional group specialized in real estate development and construction. With a diverse portfolio of projects and operations, the Group’s investment amounts to USD 1 billion, through more than 17 projects in the UAE.

With a vertically-integrated business model with various mixed use developments featuring different models of residential units and leisure facilities ensuring fully integrated communities. Sky AD’s developments is home to a number of different commercial components including schools, business parks, hotels and utilities in Abu Dhabi & Al-Ein. Owned by Diamond group, which is a renowned leader in the community of local trading and industrial firms. Sky AD’s vision is to satisfy the needs of the Egyptian real estate market, to produce valuable, sustainable and quality integrated communities in Egypt, as well as successful partnerships with customers and with an expanded investment portfolio.

Sky AD. Developments launched in Egypt beginning of 2021 as a trustworthy developer who is under a powerful regional group that will familiarize the market, in addition to having a promising plan to expand its portfolio in Egypt.