Akam Developments, a pioneering real estate developer, launched the third phase of the Scene 7 project, the company’s second project and the first global sports compound in the New Administrative Capital, a senior company official said.
Idris Mohamed, Managing Director of Akam Developments Company, revealed out that the project is located on an area of 40 acres with total investments amounting to nearly LE4.5 billion.
Located in the R7 Area of the New Capital, the total sales of first and second phases of the project amounted to one billion and 650 million pounds, and that the sales target of the third phase is estimated at LE890 million, Mohamed said, pointing out that the Akam Developments, since its launch in the Egyptian market, has had its own vision and strategy in implementing its projects based on innovation and the highest quality standards.
During a press conference held to announce the launch of the third phase of the Scene7 project, Mohamed added that the company’s most important goals are to provide a different and unique real estate product before searching for profit, noting out that the “Scene 7” project was a summary of the company’s research centre studies; hence the idea of dedicating the project to be the first sports compound there.
Designed as per the approved international standards, the compound includes a group of the largest international and local sports academies for a number of different sports. The project also comprises a group of stadiums and private covered halls, in addition to a main swimming pool and other covered one.
“The project, since its launch in the last quarter of last year, has seen great demand from customers, and its sales exceeded 1.2 billion pounds within 9 months of launch,” Mohamed said, indicating that “they are targeting 2.2 billion pounds in sales during the current year”.
On the size of achievements in the New Capital, Eng Hesham Kandil, the company’s technical managing director and member of the board of directors, confirmed that the company’s project completion rates are progressing well according to the pre-set time schedules.
He noted that the construction completion rate in the “Scenario” project reached 65% with total contractual sales of LE3.4 billion so far, and that the percentage of construction in the Scene 7 project has reached 30%, with the company planning to pump LE1.1 billion into construction works in both projects during the current year.