By: Abdallah Bedier
Cairo – Mubasher: Al Ahly for Real Estate Development (Sabbour) will inject around EGP 3 billion in construction investments this year.
Spanning 578-acre-plot at Mostakbal City, Sabbour’s latest project of the City Of Odyssia features a 100-acre central area with an open mall and conference hall, the largest in Egypt with 7,000 seats, in addition to a club under the name of Platinum 2, managing director Ahmed Sabbour told Mubasher.
The new city also has administrative areas, as well as a medical complex and art and culture area, Sabbour added.
The city will embrace around 12,000 families with a total sales value of around EGP 39 billion, he said, pointing out that sales under the first chapter of the project “Alaire” had started last March with 1,700 families at a value of EGP 4.5 billion.
The company will develop the project over a 10-year period, the top official revealed, noting that the first phase, which will commence construction later this year, will be delivered in 2022.
Total investments of the central area of the City of Odyssia are estimated at about EP 3.5 billion to EGP 4 billion, Sabbour remarked, noting that company partners were expected to manage specialised facilities.
This area includes a hospital, a conference hall, and the Platinum 2 club, in addition to two schools.
Turning to the Green Square project, which spans an area of 80 acres in Mostakbal City, the managing director noted that this development will house 1,027 families, while its total sales are expected to reach EGP 1.9 billion.
To date, the Egyptian real estate developer has completed 45% of the Green Square project with EGP 400 million having been pumped in the construction and marketing of 75% of the project, he pointed out.
We are seeking to complete 70% and market 90% of the project by the end of the year, Sabbour added.
As for the 100-acre L'avenir project located in New Cairo, the top official told Mubasher that around EGP 250 million were invested in it, forecasting sales would reach EGP 3.2 billion. Around 90% of the project has been marketed, he added.
Sabbour further indicated that the company's Amwaj project in the North Coast, extending over 350 acres and home to around 3,500 families, has seen sales valued at EGP 4.8 billion and investments worth EGP 2.8 billion.
The company has so far finalised 60% of the fourth phase of Amwaj, currently launched on a 61-acre plot and has 650 families with investments worth EGP 450 million.
Gaia North Coast, spanning 285 acres with 1,600 families and sales valued at EGP 10.7 billion, has been built at a cost of EGP 5.4 billion, Sabbour said.
He pointed out that the company, Sabbour, was in the process of receiving new licences, forecasting that the Gaia project will commence execution before the end of the year.
Translated by: Mai Ezz El-Din
