By: Abdullah Bedeir
Cairo - Mubasher: Al Ahly Sabbour Developments aims to invest EGP 2.5 billion in construction works during 2021, CEO Ahmed Sabbour revealed.
The real estate developer has invested EGP 5 billion in a 144-feddan urban project in Sixth of October City, the CEO added in a press conference on Wednesday.
The project, which will include 1,158 residential units, has target sales of EGP 7 billion, he noted.
The company invested EGP 600 million in the project during 2021 and achieved EGP 1.5 billion in contractual sales from the first phase.
Sabbour announced the launch of the second phase of the project with 200 residential units as well as a commercial area, expecting contractual sales to reach EGP 1 billion and delivery to start in the fourth quarter (Q4) of 2023.
By the end of 2021, Al Ahly Sabbour Developments plans to deliver about 4,000 residential units from all its projects.
Translated by: Zeinab Adel
