SKY AD Developments, a part of Emirati Diamond Group, has initiated construction on the Bluetree project, a new development situated in the Golden Square of New Cairo, Egypt.
This venture marks the company's third project in Egypt and its inaugural development in the Fifth Settlement, according to a press release posted on Zawya.
The commencement of the Bluetree project was announced during a media visit to the site, where the foundation stone was ceremonially laid.
Bluetree, which covers 50 acres within the Golden Square, represents an investment of E£8bn ($166.71m).
SKY AD Developments has partnered with JZMK Partners for this project.
The collaboration is set to produce a design that integrates the latest in sustainable technology solutions.
SKY AD Developments has further appointed Egis, a French consulting and engineering group, which will oversee the development process of Bluetree.
The development will feature 1,300 units, including residential, commercial, and administrative spaces.
It will also comprise amenities such as a sports and social club, a central park, children's play areas, dedicated bike lanes, and smart services.
SKY AD Developments CCO Mostafa Salah said: “Bluetree represents a remarkable advancement to the Egyptian real estate landscape, characterised by its contemporary JZMK-designed architecture.
"We have achieved a notable milestone with the sale of 40% of Bluetree's residential units, amounting to approximately E£5bn in sales. The first units are slated for delivery in 2027.”
