Commenting on the Palm Hills Development’s appointment of Orascom Construction Industries (OCI), Egypt’s biggest listed firm, as the development contractor for the US$93 million Village Garden Katameya project in Egypt, leading UAE and Middle Eastern property developer Burooj Properties, the real estate investment arm of the Abu Dhabi Islamic Bank (ADIB), said that this step is an important milestone for the project that will contribute boosting investor confidence of the delivery according to schedule.
The development, which targets not only expatriate Egyptians living in the UAE and the GCC, but also other nationals who express an interest to invest, offers tailor-made designs for its customers, and promises to provide residents with a haven from the hustle and bustle of the city.
Speaking of the appointment, Adel Ahmed Al Zarouni, managing director of Burooj Properties, said, “The Village Garden Katameya in Cairo is a very exciting project for Burooj. We’re pleased that Palm Hills Development has awarded the development contract to OCI, because it is one of the trusted and well-known construction firms in Egypt, and has a strong track record of completing high-quality work on schedule.”
Al Zarouni added that the MENA property market is soon to recover well following the global downturn, and the developmental project targets a wide range of audience. “This can be readily seen from the responses we have had from interested buyers, which reflects the strong demand for modern and luxury residential units in Egypt, particularly among Egyptians living in the UAE and other GCC countries.”
And he is not alone in his confidence. According to the recent Global Investor Sentiment Survey report released by property consultancy Colliers International, the majority of investors believed the relative value of real estate in the Middle East had increased strongly when compared to ten years ago, and some 70% intend to increase their real estate holdings in the Middle East over the next 12 months, with two-thirds reporting target returns in the region of 15-20%.
Situated in east Cairo, close to the American University, Village Gardens Katameya is a cleverly master-planned residential community consisting of modern standalone villas, town houses and apartments, intermingled with plenty of open green spaces and lushly landscaped gardens, as well as a clubhouse offering various sports and leisure facilities and a shopping strip catering to all residents’ basic needs.
OCI Awarded Development Contract
