Al Ahly Sabbour has announced the launch of the "Summer" project in Ras Al Hekma and "At-East" in Mostakbal City, with a combined investment of EGP 135bn. In the first quarter of 2024, Al Ahly Sabbour Developments expanded its land holdings by 1,045 feddan, marking a 36% growth in its land portfolio. This includes 181 feddan in the first phase of Mostakbal City, reinforcing the company's pioneering status as the foremost real estate developer in the area. Additionally, 864 feddan have been acquired in Ras Al Hekma on the North Coast, enhancing the company's presence in this prime location and rounding out its North Coast projects. These new ventures are set to commence in 2024, heralding a year of fresh beginnings for Al Ahly Sabbour. Ahmed Sabbour, the company's Chairperson and Managing Director, has revealed two major projects for 2024. These initiatives underscore the company's commitment to expanding its land portfolio and demonstrate the Egyptian real estate sector's resilience and its pivotal role in driving economic growth and sustainable development. Ras Al Hekma is poised to become a hub for tourism investment, while Mostakbal City is set to transform residential real estate in East Cairo. After extensive market research, the decision was made to inaugurate 2024 with two standout projects. Summer in Ras Al Hekma covers roughly 864 acres and is poised to become a sought-after destination, reflecting our confidence in Ras Al Hekma's potential for tourism development. At-East in Mostakbal City spans 181 feddan and represents the final parcel in Phase I of the city, adding to our impressive track record in this vibrant community. Sabbour has announced that the 'Summer' project, situated along the Alexandria-Matrouh Road, will soon launch its first phase with an investment of EGP 100bn and a sales target of EGP 15bn for 2024. Summer is envisioned as a comprehensive residential endeavor, complete with a suite of community services and leisure activities designed to offer residents an unparalleled living experience. A key aspect of the project is its natural elevation, ensuring panoramic water views for all units. The master plan for Summer is being crafted by WATG, a renowned global firm with a legacy of designing premier luxury resorts. The At-East project, Al Ahly Sabbour's seventh venture in Mostakbal City, is set to receive an investment of EGP 35bn. The initial phase will feature a diverse array of standalone villas, twin homes, and townhouses, poised to make a significant impact on the Egyptian real estate landscape, especially following our in-depth market analysis in the area. Ahmed Sabbour highlighted that the projected sales for 'At-East' in 2024 are estimated at EGP 8bn. The design ethos of the project emphasizes cohesion and connectivity, with all units enjoying expansive views of lush greenery and water features. The launch of 'At-East' comes in response to the overwhelming demand for Al Ahly Sabbour's projects in Mostakbal City, building on the success of L'Avenir, Green Square, Alaire, Wood Walk, The Ridge, and Rare. As the first developer to complete projects in the city, Al Ahly Sabbour's additional land acquisition significantly bolsters its presence in Mostakbal City, where it now holds approximately 1,000 feddan. With seven projects to its name, Al Ahly Sabbour remains the largest and most influential real estate developer in Mostakbal City.
