Capital Group Properties, an Egyptian real estate company owned by the UAEs Abu Dhabi Capital Group and Al-Ain Properties, is currently evaluating bids from contractors for work on its $5.1bn mixed-use project in Egypt, sources close to the scheme have told MEED.
The developer received bids from contractors in June and is set to award a number of packages for the first phase of the scheme by the end of the year.
The Al-Burouj project is located in Al-Shorouk city, north east of Cairo near the proposed New Capital City scheme.
It is understood the development will be made up of 30,000 apartments and a convention centre as well as office, retail and hospitality space.
The developer also recently announced it is planning on building a 100,000-square-metre smart village within the masterplanned community.
In 2016, MEED reported that assistant housing minister Khaled Abbas had told local reporters at a conference in Cairo that the projects total investment will be $5.1bn, of which the company has paid £E800m [$44.3m] in the first tranche to the New Urban Communities Authority (NUCA); dedicated to start carrying out the project.
Outlook Egypt 2017 report
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