Akam Developments is eyeing targeted sales of EGP 5bn at its sports compound Scene7 development in the New Administrative Capital (NAC).
As the second of the company’s real estate projects at the NAC, Scene7 will be constructed on an area of 40 feddans in the R7 district. It is comprised of residential units with areas starting from 68 sqm, in addition to a sports mall and other commercial areas.
During a press conference on Saturday, Akam Developments Managing Director Edrees Mohamed said the company has begun construction on the project, with the 400 units in the first phase set for delivery by the end of 2021.
Mohamed pointed out that the company has contracted with a number of international sports academies in various sports as part of the project. These contracts will significantly add to the value of the sports mall located in the compound.
He added that the company has three plots of land at the NAC that represents the company’s portfolio of projects, including Scenario and Scene7. These come in addition to a 20,000 sqm plot of land located in the Green River area of the NAC, on which the company plans to construct residential towers.
Furthermore, Akam Developments plans to develop a new project covering 59 feddans in an as yet to be name coastal area, with initial investments of about EGP 500m, he added.
Mohamed added, “We plan to direct investments worth EGP 210m in the company’s projects construction works in the last quarter of the current year.”
He also said that the company is targeting sales of approximately EGP 11bn-EGP 12bn in its first two NAC projects.