Sky Abu Dhabi Developments has announced the commencement of unit deliveries for Phase One of its Residence 8 project in Egypt’s New Administrative Capital, marking the company’s first residential handover in the local market and in line with the approved delivery schedule.
Phase One includes the delivery of around 350 residential units, signalling the project’s readiness at this stage. The handover process has been organised to ensure a smooth and efficient transition for homeowners, despite ongoing challenges facing the real estate and construction sectors.
As part of its handover preparations, Sky AD. Developments recently partnered with seven, a consumer finance company affiliated with Beltone Holding, to provide financing solutions for unit finishing. The initiative aims to offer added flexibility to clients during the post-handover phase. The project also features fully finished mock-up units to showcase finishing standards and specifications.
Commenting on the milestone, Abdelrahman Agami, CEO and Managing Director of Sky AD. Developments, said the start of deliveries represents a significant step in the company’s expansion in the Egyptian market. He reaffirmed the company’s commitment to delivering projects on schedule and in line with quality benchmarks, despite economic pressures and rising construction costs.
Residence 8 is located in the R8 district of the New Administrative Capital, with access to major road networks and nearby services. The project’s master plan balances residential buildings with green spaces and community facilities.
Sky AD. Developments’ current portfolio in Egypt spans projects in the North Coast and East Cairo, particularly New Cairo and the New Administrative Capital, while future expansion plans in West Cairo remain under evaluation.
