Skyway Development launches EGP 700bn Bayadega project at Egypt's New Capital EGP 3bn of new investments on its way to Egypt's real estate market in next phase, Gulf investors involved in developing new projects
Skyway Development has announced its plans for launching the Bayadega, Downtown New Capital project in the towers area of the New Administrative Capital (NAC). The project is anticipated to receive EGP 700mn in investments. The real estate development company is also eyeing Gulf investors in developing other projects through the next phase. The company acquired a plot in the Downtown New Capital area to develop an administrative, commercial, and medical project that will be constructed according to international standards. The plot will enjoy the first hanging food court in the NAC, and will be fit with the latest real-estate market development trends, according to Skyway Development CEO Hosny ElSaidy. He added that it will also see the entry of new real estate products as an addition to the sector. Skyway Developments has preferred to start with a project in the NAC to test the market's appetite for various new real estate products, especially in the Downtown area, an area of ferocious rivalry among real estate developers. It set an expansion plan that is commensurate with its market growth strategy, providing brand-new investments during the next stage, ElSaidy said. Bayadega, the Downtown New Capital project, will be established over 3,600 sqm, and will house different activities and services that that target the investment minded of the target audience. Units will start from an area of 41 sqm, with the company also providing payment systems of up to 10 years, ElSaidy noted. He pointed out that the company has completed the preparations for the project's engineering designs and drawings. The engineering consultant office, Mohamed Talaat, a consultant to the ministries project, the Islamic Cultural Center and the Grand Mosque in the NAC, undertook the design work for the project. The company plans to start the implementation work on the project during the second half (H2) of 2021, and has contracted with an Emirati contracting company specialised in the work of towers. This will allow Skyway Development to benefit from the Emirati company's experience on this type of projects. The contractual details will be announced next month, ElSaidy continued. The company has a vision of providing EGP 3bn in investments to the NAC in the next stage, as a part of its expansion plan in this key area. It reflects a change in the Egyptian real estate market concept, attracting new assorted caps and partially boosting growth rates in this leading area, ElSaidy revealed. The company aims to form new alliances with Gulf real estate companies during the coming period. This will inject new investments and developing a package of various real estate projects, especially in the cities developed by the state, he said. The Egyptian Government has managed to pave the investment climate in terms of equipping the infrastructure, facilitating procedures and granting investment advantages. These have contributed to attracting Gulf investors and companies to the Egyptian real estate market, he affirmed. ElSaidy projects a 10-15% rise in realty prices this year, driven by the volume of demand based on real estate and the relative rise in some building materials.
