Dubai Developments, a real estate company in Egypt, has announced the launch of its latest residential project, Lumia Residence, in the New Administrative Capital. The project covers an area of 36 feddan in district R7 and offers various residential units that cater to different needs, from medium to large sizes. The project was designed by MTA Consulting, a leading architectural firm.
According to Abdel Fattah Al Murr, the chairperson of Dubai Developments, 70% of Lumia Residence has been sold out within 30 days of its launch. He added that the project provides high returns for investors, regardless of the fluctuations of the exchange rate, and that the units will be delivered in 2023 or 2026. He also mentioned that the project attracted many buyers from the Gulf region, as they found similarities with the products offered by Dubai Developments.
Al Murr revealed that the company plans to announce its fourth project in 2024. He said that Dubai Developments is interested in expanding its business in smart communities and fourth-generation cities.