Al Ahly Sabbour sold out the first phase of "KEEVA" within two hours!

  • Mar 13, 2020

Al Ahly Sabbour sold out the first phase of its latest project in 6th of October City, KEEVA, within two hours of its launch on Friday. Despite dreadful weather conditions, the launch event at Cairo’s Nile Ritz-Carlton hosted a large number of buyers and received a significant number of requests from customers looking to seize the opportunity to own property by Al Ahly Sabbour. Apartments on sale offered sizes ranging from 118 to 190 m2, with prices starting from EGP 1.85 million, down payment of 5%, and installment plans reaching up to 10 years. During a press conference held earlier this month, at the Nile Ritz Carlton, leading real estate developer Al Ahly Sabbour announced the launch of KEEVA, its latest endeavor in 6th of October City, in partnership with the New Urban Communities Authority (NUCA). Both entities signed the partnership, the ceremony of which was attended by Eng. Hussein Sabbour, Chairman of Al Ahly Sabbour, Eng. Ahmed Sabbour, CEO of Ahly Sabbour, Dr. Mazen Hassan, vice president of NUCA’s Financial Affairs sector, Mr. Sherif Riad, Corporate Banking Credit & Syndicated Loans Head at the National Bank of Egypt, Eng. Amr Sabbour, representing Sabbour Consulting, and members of the board of directors from Al Ahly Sabbour, alongside representatives from NUCA. Spread across 144 acres, and expected for delivery by the second half of 2023, KEEVA will see a total of EGP 5 billion in investment. Strategically located in 6th of October City, KEEVA overlooks South Dahshour Road, is 2 minutes away from 26th of July Corridor, and around 8 minutes away from Mall of Egypt. The project, which will be delivered over 4 phases, offers a total of 1138 units; villas start at 260 m2 and 360 m2, townhouses stand between 225 m2 and 265 m2, while residence apartment sizes range between 120 m2 and 190 m2. The agreement, between the two parties, states that Al Ahly Sabbour will possess 59.5% of the project, while 40.5% will be owned by NUCA. Al Ahly Sabbour is also partnering with the National Bank of Egypt through an Escrow account, Mr. Sherif Riad, Corporate Banking Credit & Syndicated Loans Head at the National Bank of Egypt said that “according to the agreement, the bank will act as the project’s account manager by providing all banking services related to the project as well as arranging the financing needs for the development in order to achieve on-time targets. The bank will also be responsible for organizing the deposited revenues and their distribution across the project’s partners.” He went on to clarify that “the National Bank of Egypt is constantly seeking to develop and upgrade its lineup of services and products in a way that caters to the needs of customers. We are constantly working towards becoming permanent partners in the success of all national projects; especially ones that provide new job opportunities, have a positive impact on the lives of Egyptian citizens, and ultimately contribute to the country's overall development plans.” Eng. Hussein Sabbour, Chairman of Al Ahly Sabbour added “throughout the years, developing quality real estate across Egypt’s vital key areas has been a founding pillar of our company as we collectively believe in joining forces with the aim of advancing urban development in Egypt.” Accordingly, he added “KEEVA in 6th of October City, developed to provide a new dimension of residential real estate in this area, stands as another step in our journey towards expanding across West Cairo. Moreover, it is a significant example of public-private partnerships that serve this area’s large segment of residents.” In this regard, Sabbour further clarified that “these partnerships between the government and private –sector real estate companies are set to have a positive impact on both parties as their projects are built with the aim of offering solutions that provide a better quality of life as well as an abundance of job opportunities.” Eng. Ahmed Sabour, CEO of Al-Ahly Sabour Company, expressed his enthusiasm regarding the launch of KEEVA pointing out that “the project comes as part of Al Ahly Sabbour’s vision to expand its product portfolio across promising areas in Egypt, which is simultaneously in line with the government’s 2030 vision by extending the reach of urban communities across the country to supply for the growing population.” He then added “KEEVA provides residents with all elements of stability as it comprises commercial, infrastructural, and entertainment components, making this projects ideal for families seeking tranquility, comfort, and security.” Commenting on the partnership with NUCA, Dr. Mazen Hassan Abdo, vice president of NUCA’s Financial Affairs sector, said “today we witness the launch of another significant project by one of the country’s most influential real estate developers; a company that has remarkably contributed to strengthening the position of the Egyptian real estate market. KEEVA stands as another example of public-private partnerships, accentuating the government’s efforts in collaborating with private names with the aim of raising product standards, and providing new investment opportunities.” With a design that combines classic and contemporary architecture, the project is comprised of multi-storied, low altitude buildings (G+2) where all units have a front view. Moreover, 18% of the project’s area has been allocated to buildings’ footprint, while green spaces, gardens, water features, entertainment areas and roads take up 82%. The project’s efficient master plan is designed to employ a concept called “Biophillic Design” where natural elements are in harmony with and integrated in buildings. This is exhibited through large glass facades that invite sunlight and greenery from the outside in, providing a comfortable and serene environment. Since its establishment, Al Ahly Sabbour has been determined to provide customers with the best and latest real estate has to offer. KEEVA is another milestone in its 25 years-long journey filled with illustrious achievements. During that time, the company managed to develop 62 projects covering 12 million square meters across areas that are attractive for investments; among its latest tremendous endeavors is The City of Odyssia in partnership with Mostakbal City, Green Square in partnership with the Dar Al-Maali of Saudi Arabia, L’Avenir and Aria in partnership with the Kuwaiti Manazel, all in Mostakbal City. The company’s North Coast presence is exhibited in Amwaj as well as the Gaya resort, while the next phase will see Al Ahly Sabbour seeking opportunities to expand in New Alamein, The New Administrative Capital, October, Upper Egypt, and Delta.