Al-Ahly-Sabbour Developments to build two projects in 2020 on top of KEEVA
Recently, Al-Ahly Sabbour Developments unleashed KEEVA on top of along line of projects, but two other projects are also coming down the road with one in East Cairo, according to Chief Executive of Al-Ahly Sabbour Eng. Ahmed Sabbour.
Keeva is due to be built over 144 feddans in the 6th of October City in a partnership with the New Urban Communities Authority at EGP5bn investments.
Al-Ahly Sabbour Developments seeks to inject EGP1bn investments and eyes sales totaling EGP6.5bn, of which EGP2.5bn in sales are expected in 2020.
“Situated in a landmark location overlooking the road and axis of Dahshour Southern Junction, KEEVA will be delivered over 4 stages,” said Eng. Ahmed Sabbour.
Keeva, comprised of 1138 housing units ranging from apartments, town houses, and stand-alone villas, will be delivered in the second half of 2023.
The 118-190m apartments, house towns, and stand-alone villas are sold at EGP1.850m, EGP3.9m, and EGP7.5m respectively.
All housing units are fully finished and offered at competitive prices with credit facilities ranging from 8,8, and 10 years.
An ESCROW agreement has been signed by the National Bank of Egypt and Al-Ahaly Sabbour. The former shall execute all banking services preceding the arrangement of the financial needs for the project within a specific time span. Also, NBE shall regulate revenues depositing and distributing among the actual partners of the project, he elaborated.
Against a 59.5% stake belonging to Al-Ahly Sabbour, the New Urban Communities Authorities shall have a 40.5% stake, 4.5% in-kind share and a return valued at EGP2.9bn.
Eng. Ahmed Sabbour expects prices of KEEVA’s residential units to surge by 10% in the second half of this year.
Tackling the issue of how KEEVA is financed, he unveiled the three sources of self-obtained funds, down-payments and banking loans.
While not excluding the issuance of bonds, Ahmed said that banking loans may not exceed 20% in light of the clients’ staggering cash received from clients as down-payments, reflecting the attractiveness of the project.
“ The company may launch two other projects this year, with one in East Cairo,” he confirmed.
