Dailynewsegypt

Tag: Sky AD. Developments

  • Sky AD. Developments records EGP 3.8bn in sales since start of 2024

    Sky AD. Developments records EGP 3.8bn in sales since start of 2024

    SKY AD. Developments, the real estate arm of the Emirati Diamond Group in Egypt, has achieved sales of EGP 3.8bn since the beginning of 2024, with EGP 3.7bn of those sales coming from the Bluetree project in New Cairo, according to Chief Commercial Officer (CCO) Mostafa Salah.

    Salah said that SKY AD. Developments, the real estate arm of the Emirati Diamond Group in Egypt, continues to achieve strong sales thanks to its distinctive designs and flexible payment plans, which attract many customers and match their purchasing power. Additionally, the diverse real estate products meet their needs.

    He added that the company is developing the Bluetree project in New Cairo, a fully integrated residential project spanning 50 feddans with an investment of EGP 8bn. This is the company’s third project in the Egyptian real estate market.

    Salah explained that SKY AD. Developments has launched three real estate projects in the Egyptian market: theResidence Eight project, the Capital Avenue project in the R8 area at New Administrative Capital, and the Bluetree project in New Cairo. He added that the company is investing around EGP 12bn in its projects in the Egyptian market, in both the New Administrative Capital and New Cairo, as part of a larger investment package totalling EGP 15bn.

    Salah clarified that the company’s plan for 2025 focuses on expanding in the Egyptian market by enhancing its project portfolio and developing new areas such as the North Coast and West Cairo.

    “The company aims to launch new residential and commercial projects that meet the needs of the growing real estate market, with a focus on providing luxury units suited to both local and international investors,” Salah said. “Additionally, the company plans to increase its land portfolio to boost investments in strategic locations.”

    He pointed out that the company enjoys a large customer base of Egyptians working abroad, in addition to foreign investors. Sales to these customers represent a significant portion of total sales, especially given their increasing interest in investing in luxury real estate in Egypt.

    Salah added that the company will participate in Cityscape 2024—the largest and most important real estate exhibition in Egypt and Africa—held from September 25 to 28 at the Egypt International Exhibition Center. This will be the second consecutive year of participation. At the Cityscape exhibition, the company will offer visitors a 0% down payment and instalment plans of up to 9 years. This aligns with the company’s strategy of participating in both domestic and international exhibitions to enhance communication with customers, offering them options that suit their needs, whether they are looking to buy residential units designed and executed to the highest quality standards or seeking secure real estate investments with high returns.

    He underscored that the Egyptian real estate market holds a special appeal for this category of customers due to the high investment returns compared to other markets.

    Salah also said that SKY AD. Developments primarily relies on self-financing to execute its projects and has not depended on any bank loans so far. This strategy reflects the company’s financial strength and confidence in the Egyptian market, allowing for greater freedom in choosing its projects.

    “The company is always evaluating available financing opportunities to ensure continuous growth and expansion in its real estate projects in Egypt,” he said.

    The company’s CCO revealed that the company is currently seeking to expand its presence in the North Coast area, mentioning that there are active negotiations to acquire new land for developing distinguished residential and tourist projects.

    “The North Coast area represents a significant investment opportunity for the company, especially with the increasing demand for luxury units and coastal resorts,” he said. “However, we are carefully evaluating opportunities to ensure that we secure a deal that aligns with our clients’ expectations and adds value to our real estate portfolio.”

    He pointed out that no new land contracts have been signed yet, but the company is in the advanced stages of negotiations to acquire land in strategic areas, especially in the North Coast and West Cairo.

    Salah predicted that the Egyptian real estate sector will experience a recovery in the second half of 2024, with continued growth in sales for real estate companies. This is particularly due to the government’s focus on developing more new cities and offering incentives to investors, which in turn encourages demand for real estate units, especially in major projects like the New Administrative Capital and the North Coast, thanks to the increasing demand for luxury residential, commercial, and administrative units.

    He also anticipated an increase in real estate prices by the end of the year, due to rising construction costs and raw material prices. The increase is expected to range between 10% and 15%, aligning with current market trends in Egypt.

  • SKY AD. Developments breaks ground on Bluetree project in New Cairo

    SKY AD. Developments breaks ground on Bluetree project in New Cairo

    SKY AD. Developments, the real estate arm of the Emirati Diamond Group in Egypt, has initiated construction on the Bluetree project, situated in the prestigious Golden Square of New Cairo. This marks the company’s third venture in Egypt and its inaugural development in the Fifth Settlement.

    During an exclusive media visit to the project site, executives including CEO Abdelrahman Agami and Chief Commercial Officer Mostafa Salah participated in the ceremonial laying of the foundation stone. Their presence underscores the company’s confidence in the resilience and potential of the Egyptian real estate market.

    To elevate the customer experience and establish new design and quality standards, SKY AD. Developments has partnered with JZMK Partners, a leading global architecture and design firm. Egis, a renowned French consulting and engineering group with extensive project management expertise, will oversee Bluetree’s development. Egis has a proven track record of supervising major projects across diverse sectors in Egypt and internationally.

    Bluetree spans 50 feddans within New Cairo’s Golden Square and represents an EGP 8bn investment for SKY AD. The project includes 1,300 residential, commercial, and administrative units. Amenities such as a sports and social club, a central park, children’s play areas, dedicated bike lanes, and smart services ensure exceptional living experiences and attractive investment opportunities.

    Abdelrahman Agami, CEO of SKY AD. Developments, stated: “We are allocating approximately EGP 12bn toward our developments in the Egyptian market, including projects in the New Administrative Capital and New Cairo. This commitment aligns with our previously outlined EGP 15bn investment strategy. We aim to strengthen our market presence by delivering exceptional projects that meet our clients’ evolving needs and contribute to economic advancement. We remain steadfast in offering a distinctive living experience characterised by superior quality and innovative design.”

    Mostafa Salah, Chief Commercial Officer, said: “We have achieved a significant milestone, having sold 40% of Bluetree’s residential units, totalling approximately EGP 5bn in sales. The first units are scheduled for delivery in 2027.”

  • Space Tank, SKY AD. Developments partner to develop BlueTree commercial area

    Space Tank, SKY AD. Developments partner to develop BlueTree commercial area

    Space Tank, a company specializing in managing commercial centres and service facilities, has signed a contract with SKY AD. Developments, the real estate arm of the Emirati Diamond Group, to prepare and develop the commercial and service area within the BlueTree residential project in New Cairo.

    The BlueTree project, which covers an area of 50 feddan, includes 23,000 sqm dedicated to commercial and service activities. Space Tank is responsible for consultancy and development works for these facilities, starting from planning the commercial and service area, generating ideas, engineering and technical planning, setting the execution schedule, proposing the nature of services, facilitating communication with leading brands, and executing promotional ideas for the project before the completion of the constructions.

    Shadi Salim, CEO of Space Tank, said that the commercial and service facilities sector is vital for the Egyptian market and a key factor in the success of real estate development. He added that the project introduces a new concept in the field and aims to provide the best services to customers.

    Mustafa Salah, CEO of the Commercial Sector of SKY AD. Developments, said that the partnership with Space Tank will speed up the development of the BlueTree commercial project and provide integrated services to residents. He stressed the company’s keenness to contract with the best companies in the field to ensure the highest quality of services.

    SKY AD. Developments is the real estate arm of the Emirati Diamond Group, which operates in various sectors such as tourism, hospitality, education, and health. Space Tank is a company specializing in managing commercial centers and service facilities, with a portfolio of projects in Egypt and the Middle East.

  • SKY AD. Developments invests EGP 12bn in three projects within less than two years

    SKY AD. Developments invests EGP 12bn in three projects within less than two years

    SKY AD. Developments, the real estate arm of the Emirati Diamond Group in Egypt, has invested EGP 12bn in its three projects in Egypt in less than two years, according to Mostafa Salah, the Chief Commercial Officer (CCO) of the company. He told Daily News Egypt that the company’s sales during the first nine months of the year reached EGP 3.2bn in total.

    SKY AD. Developments owns three projects in the Egyptian market: Residence Eight, a residential project in the New Administrative Capital (NAC) that has sold out all its units and plans to start deliveries in the first quarter of 2025; Capital Avenue, a commercial project on an area of 21,000 sqm in the NAC’s R8 district; and Bluetree, a mixed-use project in the Fifth Settlement, New Cairo, that spans 50 feddans and has investments of EGP 8bn. The company has obtained ministerial approvals and has begun preliminary work for Bluetree, which comprises approximately 1,300 residential units as well as commercial and administrative buildings.

    The company achieved EGP 600m in sales during the Cityscape Egypt 2023 exhibition in September, representing sales of 80 units in its projects. This reflects the expected sales boom in light of the high demand from customers.

    Salah said that he expects customers to continue to purchase real estate during 2024, either for real demand or for investment purposes, as real estate remains a safe store of value regardless of the challenges. He also said that attracting foreign customers to buy in the Egyptian market is part of the state’s plan to export real estate.

    As for expanding to markets outside Egypt through SKY AD. Developments, he explained that this idea is available to the company, but it is currently focusing on establishing its presence in the Egyptian market and achieving strong results in the implementation and delivery of projects. He added that the company hopes to launch a part of its shares on the stock exchange, if possible and at the appropriate time.

    He predicted that 2024 will witness a boom in the property market and said that the market during 2023 witnessed a strong growth rate in sales for all real estate companies in the market, despite the price hikes due to the high cost of implementation. He attributed this to the flexible payment systems offered by the companies, as well as the presence of strong and real demand.

    He concluded: “The stability of contracts with clients is a point of attraction for investments in the real estate market, as the client wants a specific contract with a specific value and a fixed price to guarantee and preserve his investments. But if contracts are changed, this expels a large segment of clients investing in the market.”

  • SKY AD. Developments launches Capital Avenue’s One Residence project at Cityscape Egypt 2023 

    SKY AD. Developments launches Capital Avenue’s One Residence project at Cityscape Egypt 2023 

    SKY AD. Developments, the Emirati Diamond Group’s real estate arm in Egypt, is ready to dazzle the visitors of the 12th Cityscape Exhibition, the largest and most important real estate event in Egypt and Africa. The exhibition will take place from 20 to 23 September at the Egypt International Exhibition Center.

    The company aims to offer products that meet the needs of customers inside and outside the country and to achieve huge sales through exclusive surprises and offers.

    One of the highlights of the company’s participation in Cityscape is the launch of One Residence, the latest phase of the Capital Avenue project in New Administrative Capital (NAC). One Residence features 50 residential units with areas ranging from 70 to 130 sqm, fully finished with high quality by Eklego Design, one of the top design companies in Egypt.

    One Residence boasts a prime location in the heart of NAC, close to all major services and overlooking wide green spaces. It also offers a variety of spaces to suit different customer segments, luxury interior finishes, concierge services, and an attractive payment plan with a 10% down payment and a 7-year installment period. The units are expected to be delivered in 2027.

    Capital Avenue, another project by SKY AD. Developments in NAC’s R8 district, covers more than 21,000 sqm and include mixed-use spaces for commercial, administrative, and medical properties. The project also features water bodies and a central walkway. Capital Avenue won the African Property Award for the year 2022 as one of the best commercial projects in the region. The project offers a payment plan with an 11% down payment and an 8-year instalment period. The first units will be delivered in the third quarter of 2025.

    SKY AD. Developments will also showcase Bluetree, its flagship residential project in New Cairo’s Golden Square area. Bluetree spans over 50 feddan with only 19% built-up area and comprises 1,300 units of residential, commercial, and administrative properties. Bluetree won the African Property Award for the year 2023 as the best residential project in the category of “Residential Projects More than Twenty Units”. Bluetree achieved sales exceeding EGP 2bn within six months of its launch and became one of the most sought-after projects in the market. Bluetree offers a payment plan with a 5% down payment and 8 years instalment period. The initial delivery will begin in 2027.

    Abdel Rahman Agami, the CEO of Diamond Group and SKY AD. Developments, said that the company is committed to its vision of bringing its unique urban experience in the UAE to the Egyptian real estate market in a short time. He said that the company has invested more than EGP 12bn in three major projects in New Capital and New Cairo in the past 25 months.

    He added that the company is exploring new investment opportunities that match the customers’ expectations of residential projects with integrated services and advanced technology, as well as the state’s goals of increasing real estate investments.

    Mostafa Salah, the CCO of SKY AD. Developments, said that the company’s sales volume in the first half of 2023 reflects its success in launching distinctive urban projects that have no parallel in the Egyptian market.

    Salah added: “Despite achieving a large percentage of our sales targets for this year, we have decided to offer new deals for the visitors of the Cityscape exhibition. We offer units in the Bluetree project with a 5% down payment and an 8-year instalment period, and units in the One Residence project with a 10% down payment and a 7-year instalment period. Both projects offer fully finished units with high quality.”

  • Sky AD. Developments showcases its Investment opportunities in Capital Avenue during Cityscape Egypt 2022

    Sky AD. Developments showcases its Investment opportunities in Capital Avenue during Cityscape Egypt 2022

    Sky AD. Developments announced its participation in Cityscape Egypt Exhibition 2022, the largest real estate investment and development Exhibition in Egypt. The company decided to partake in the event, which will be held from 21-24 September 2022, through its commercial project, Capital Avenue, to highlight Sky AD.’s latest projects, developments and investment opportunities.

    The company will introduce special offers in the four days of the exhibition on its project Capital Avenue, with only a 10% down payment and instalments over 12 years, in addition to offering various investment opportunities, to attract the largest number of local and international investors.

    Abdelrahman Agami, CEO of Diamond Group and Sky AD. Developments said that the company is keen on participating in various real estate exhibitions, inside and outside Egypt, to reach out to its clients everywhere, and to provide them with exclusive offers and appropriate investment opportunities that cater to all their needs.

    Agami stressed that the exhibition is an excellent opportunity for customers to see the most worthy investment opportunities and offers on various real estate units.

    He added that Cityscape is one of the largest real estate exhibitions in the Arab Region, where major real estate developers participate in it, to showcase a large number of real estate, commercial and administrative projects in various parts of Egypt.

    Cityscape helps the customer to be aware of the real estate scene in Egypt, the size of the urban development implemented, and the development of the projects, to push the process of real estate export, which goes in line with the government’s strategy to reach both Egyptian and non-Egyptian clients.

    Capital Avenue is one of the largest commercial projects in the R8 area of the New Administrative Capital. Spanning an area exceeding 21,000 m2, the project has many unique selling points that will distinguish it as the ultimate shopping destination in the Administrative Capital.

    Leveraging its prominent location, which is overlooking four main facades, most notably: the Diplomatic District, the Promenade and the Club, the project possesses a modern design that provides multi-use and diverse spaces for commercial, administrative as well as medical clinics to offer an exceptional shopping experience for the New Capital’s residents and visitors.

    The project will also provide administrative offices with a variety of spaces to meet the growing demand for investment in Eastern Cairo, which represents an opportunity to attract major international companies looking for administrative headquarters with a distinguished level of design and services in Egypt. Sky AD. Developments is in the final stages of negotiations with the New Urban Communities Authority (NUCA) for the acquisition of a new plot of land in the Fifth Settlement, to implement an integrated project in partnership with NUCA, to be the third project for the Emirati company in Egypt.