Egypt-based Al Ahly Sabbour Developments held on March 10 a press roundtable to uncover the latest updates on its developments across Egypt, while exclusively revealing its intentions for the third residential project in North Coast.
The company is already implementing two integrated compounds in the North Coast, GAIA and Amwaj, in addition to Rivette, its first commercial project in the area.
Ahmed Sabbour, CEO of Al Ahly Sabbour, stressed during the roundtable, which was held at Al Ahly Sabbour’s headquarters in New Cairo, that the company did not yet acquire the project’s land plot and there are no further details regarding it, for the time being.
Besides, the company is set to exclusively launch the newest compound within the City of Odyssia in Motsakbal City – which is being implemented with total investments worth EGP 32 bn – during Cityscape Egypt from March 27 to 30. This comes following the significant turnout on the previous two phases, Alaire and The Ridge, the CEO revealed.
In a land offering by the New Urban Communities Authority (NUCA), the company acquired a 144-acre plot in 6th of October City, west Cairo, to establish an integrated residential project that includes duplexes, townhouses, and twin houses, he added.
Concerning its future expansion plans, Al Ahly Sabbour targets diversifying its land bank and launching new projects in Upper Egypt. The company is currently negotiating with Minya Governorate to obtain a land plot for developing a residential project.
During the roundtable, Sabbour confirmed that there will be a 20% increase in units prices during 2019, particularly after the soaring prices of fuel and consecutive subsidy cuts. For Al Ahly, following the EGP floatation, implementation costs soared by 42%, which consequently resulted in a rise in property prices.