Cairo-based Al Ahly for Real Estate Development seeks to launch a new integrated residential compound in 6th of October City by year-end, in partnership with the Egyptian government, at an estimated cost of EGP 7 bn, Thomson Reuters Projects reports.
“Currently, [Al Ahly] is waiting for approvals from the housing ministry. The new compound would include 1,000 villas, twin houses, and townhouses and would be completed by 2024,” Managing Director Ahmed Sabbour told Thomson Reuters Projects in early November.
The yet-to-be-named residential project will be built over an area of 144 acres, in addition, three companies are in the race for the new project’s design contract, Sabbour said without elaborating further.
According to Sabbour, the property developer is targeting to raise its land bank to 6 mn square meters by mid-2019 from the current 5 mn square meters.
“We are searching all available opportunities to increase our land bank, whether by buying land or by partnering with the government,” the top official noted.
As per Al Ahly’s ongoing projects, Sabbour said the company has completed 45% of the construction of Green Square project in Mostakbal City, in partnership with Saudi-based Dar Al-Maaly for Development and Real Estate Investment, with investments worth EGP 1 bn so far.
“We plan to reach 70% by this year-end and deliver the entire project by the end of 2020. We have succeeded in marketing 75% of the project’s 1,027 units and aim to achieve 90% before the end of the year,” he revealed.
Sabbour underlined that the second and third phases of the EGP 2.5 bn “The Ridge” compound in Mostakbal City, the developer’s latest project, would be launched by 2020 and 2022 respectively, noting that the first phase is set to be delivered by 2023.
With a total area of 1 mn square meters and a built-up area of 400,000 square meters, The Ridge is a joint venture between Al Ahly and El Mostakbal for Urban Development and is set to feature eight types of elevations, offering a total of 1,400 units within the mixed-use urban community.