Egypt’s Al Ahly Sabbour has begun construction on the second phase of its 5-billion-Egyptian-pound ($319-million) Keeva project, which includes 200 villas. Additionally, the developer will be launching the project’s commercial aspect.
According to the company’s CEO Ahmed Sabbour, both launches represent a total investment value of 895 million pounds ($57 million).
Keeva is a 144-acre development that includes 1,158 townhouses and villas as well as a commercial centre. It is being developed in collaboration with the New Urban Communities Authority (NUCA).
Sabour stated that the second phase villas would be completed by the end of 2024. Seven Architects designed the 17-acre commercial portion, he added.
According to Emad George, Deputy CEO of Al Ahly Sabbour, sales revenue for Phase 1 was 1.5 billion pounds ($96 million), with a target of 1 billion pounds ($64 million) for Phase 2. He also stated that the company has spent 600 million pounds ($38 million) on construction projects this year.
Sabbour stated that the company will deliver 4,000 units in various projects this year, with a total construction value of 2.5 billion ($159.5 million) and sales of 6 billion ($383 million).
He also revealed that the company intends to develop joint venture projects in New Administrative Capital and New Alamien City.
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