With a population over 20 million, Cairo is one of the MENA region’s largest real estate markets. The construction boom taking place in Egypt is expected to continue, spurred by the country’s new industrial and infrastructure mega-projects – including the New Administrative Capital – that will be key drivers for engineering and contracting investments.
The satellite districts of 6th of October and New Cairo are enjoying growth underpinned by a migration of consumers and businesses from Cairo’s congested downtown. Sky is aiming to capitalize on this relocation movement to the “suburbs,” in particular with new commercial real estate projects including its Sky Office Park complex that will provide sustainable office space.
Sky Sky Plaza is predominantly a business-centric complex, with 87.5% of total gross BUA dedicated to Class A office space. The complex has been planned to accommodate large and small companies alike — from multinationals looking to relocate to dynamic entrepreneurs just starting up. In all that we do, we are committed to building a smart, sophisticated and sustainable business community.
The office complex is situated amidst attractive, eco-friendly landscaping. Complementary commercial space includes upscale retail shops and restaurants as well as a bank, pharmacy, wellness clinic, day care center that are intended for the convenience and enjoyment of the West Cairo community at large.
Sky Plaza is being built on of one the last strategically located land parcels in Sheikh Zayed’s business district. This complex has been developed with patience, integrating knowledge gained from careful study of the experience of West Cairo’s early entrants into the commercial real estate market — we know what matters to our corporate clients. Sky Plaza will stand out from the rest by delivering the latest elements of superior design and business services.
While Sky Plaza will be all business during the day, the buildings will take on a whole other persona in the evening. Above the crowd, against the backdrop of spectacular views of the city and desert beyond, Sky Plaza’s 6th floor rooftops will be a destination unto themselves for the perfect night out.
Egypt’s fast-growing population, youthful and marriage-aged, will continue to spur demand for residential real estate. There is also a growing middle class seeking out more moderate- to high-end housing options, which can only be provided by the private sector. While residential real estate developers are currently feeling the pressure of currency devaluation, there is still demand for the right product. To help offset the devaluation impact, some developers have introduced more flexible payment terms, while others are building more efficient unit designs and increasing land use density. Solid fundamentals are evidenced by continued strong sales of planned communities; ongoing favorable pricing power for reputable developers; and still untapped opportunities in the secondary cities of 6th of October and New Cairo.
Sky has two projects in the satellite district of New Cairo east of the city. M2 Development’s Ashgar Darna provides affordable residential and commercial units of high quality and standards, including a superior customer experience through exceptional service. This project is adjacent to the center of Maadi and in close proximity to hypermarkets, international schools and universities, as well as major Egyptian banks. M2 Gardens is a distinctive upscale compound that introduces new and innovative concept called Trio Villas. Residents enjoy modern European-style living in a set of three overlapping villas, each having a private garden and entrance.