Egypt's Sky AD launches $1.62bln ‘Sky North' project in Ras El Hekma
The development spans 430 acres and will include a five-star hotel, residential units, retail zones, and a 50-acre Crystal Lagoon, Agamy said.
The project will be implemented in five phases, with full delivery expected within four years. The company is targeting EGP 240 billion ($4.9 billion) in total sales revenues from the project.
'We are also planning a new development in West Cairo in the coming period,' Agamy added, without disclosing further details.
Sky AD has invested EGP 99 billion ($2 billion) since 2021 and maintains a diverse portfolio of projects across the Ras El Hekma, New Administrative Capital and New Cairo. Key developments include Residence Eight, Capital Avenue, One Residence, and the Bluetree residential and commercial project in New Cairo's Golden Square.
(1 US Dollar = 49.41 Egyptian Pounds)
(Reporting by Eman Hamed; Additional reporting by Marwa Abo Al Majd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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