(MENAFN- Daily News Egypt) Capital Group Properties announced that the company is directing EGP 3bn to contracting companies for its Al Burouj project this year, according to Chief Projects Officer Amgad Hassanein.
Hassanein said the company pumped EGP 2bn into constructing 1,213 units last year with Dorra Group and Hassan Allam Construction.
During a tour of the project, Hassanein added that company has invested EGP 300m into developing Al Burouj project so far.
Al Burouj is an integrated project on an area of 1,200 feddans in Al Shorouk city and includes apartments, townhouses, and penthouses.
Moreover, the project will include a smart village and a branch of El Sawy Culture Wheel, as Capital Group Properties had signed memoranda of understanding worth EGP 40bn with Smart Village Egypt, SABIS, Africa Crest Education, El Sawy Culture Wheel, and food company Al Bustan, to develop projects at Al Burouj.
The first phase of the El Sawy Culture Wheel within the project will be developed with EGP 40m.
Al Burouj will also include an international school and musical district, as well as a central park on 70 feddans.
The park€™s cultivation will be completed in May, according to Ahmed Fathy, head of development.
Fathy said that the company plans to expand in Sixth of October, North Coast, and Ain Sokhna.
The project€™s total investments amounted to EGP 70bn and will be developed over 10 years.
Hassanein noted, €œthe project€™s location is distinctive and is very close to New Cairo and Cairo International Airport, besides, the project is next to the International Medical Centre.€
In November, Capital Group Properties signed a contract of EGP2bn with Redcon Medical Parks to establish Al Burouj Medical District within Al Burouj project.
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