Capital Group Properties (CGP), the developer of the Alburouj residential project in East Cairo, has signed a partnership agreement with Innovo Group to develop two new residential zones within the project, with a total investment of EGP 2bn. According to CGP's CEO Ahmad Aref, the partnership with Innovo Group was the result of a competitive public tender that attracted major construction and contracting companies, and Innovo Group won the contract with the best offer. Aref said that the construction work in the new zones will start in the fourth quarter (Q4) of 2023, and will include 900 residential units, comprising apartments and townhouses, to be delivered in 2025. He stressed CGP's commitment to choosing the best partners and global brands in all its business sectors, in line with the company's operations in Egypt and its aspiration to maintain its leading position in the Egyptian market, exceeding customer expectations and providing high-quality products and services. Aref noted that some areas within the Alburouj project have been completed and handed over to owners, with more than 2,127 homes delivered so far. Alburouj, covering 5 million sqm, is located in East Cairo, just 15 minutes away from the New Administrative Capital and 20 minutes away from Fifth Settlement and New Cairo. It has a total investment of EGP 77bn and offers residential units ranging from 70 to 450 sqm. The project features international schools, a commercial mall, a 70-feddan Orchard Park, a retail area, a cultural hub, a sports club, and a civil affairs office. It also hosts the first Carrefour store in the project, which opened in September 2023.
