Eng. Ahmed Sabbour, Chairman and Managing Director of Al Ahly Sabbour Developments, has announced the company’s two latest projects for the year 2024, Invest-Gate reports.
He emphasized that Al Ahly Sabbour is expanding its land portfolio, demonstrating the resilience of the Egyptian real estate sector as the driving force of the economy, capable of overcoming challenges. He also highlighted the Ras El Hekma area as the future of tourism investment and Mostakbal City as the future of residential real estate investment in East Cairo.
Sabbour revealed that the company will commence construction on two new projects worth EGP 130 bn this year. The first project, named “Summer,” is a beachfront residential development located on the North Coast in Ras El Hekma. It spans an area of nearly 864 feddans. The second project, “At-East,” is situated in Mostakbal City and covers 181 feddans. Both projects were launched in the first quarter of 2024.
Al Ahly Sabbour has acquired an additional 1,045 feddans, marking a 36% increase in its land bank compared to the previous year. This includes 181 feddans in the final phase of Mostakbal City and 864 feddans in Ras El Hekma on the North Coast.
Sabour reiterated the company’s commitment to expanding its land portfolio, demonstrating the strength of the Egyptian real estate sector and its ability to overcome challenges.
He highlighted Ras El Hekma as a promising destination for tourism investment, while Mostakbal City focuses on residential real estate investment in East Cairo.
The Summer project is estimated to have an investment value exceeding EGP 100 bn. The first phase will be launched soon, with a target of achieving total sales of EGP 15 bn in 2024.
As for At-East, it is the seventh project in Mostakbal City, with an estimated investment of EGP 35 bn. The first phase of the project will consist of detached villas, twin houses, and townhouses, covering 60 feddans out of the total land area of 181 feddans.
Sabbour expects sales from the At-East project to reach EGP 8 bn in 2024.