Al Ahly Sabbour launches Egypt's first 'own-to-rent' development in New Cairo
Egyptian developer Al Ahly Sabbour Developments announced on Wednesday the launches the first phase of 'The Mornings,' the country's first 'Own-to-Rent' project.
The company said in a press statement that the mixed-use project, spread over an area of 14 acres in New Cairo, contains 630 residential, commercial, administrative and medical units
The statement said the project is anticipated to generate sales worth 11 billion Egyptian pounds ($215 million).
Al Ahly Sabbour has collaborated with local building management services firm BirdNest to roll out the 'Own to Rent' concept.
Ahmed Sabbour, Chairman and Managing Director of Al Ahly Sabbour said the project is designed to cater to the growing demand for ready-to-rent properties from locals, tourists, and Egyptians living abroad
'With Egypt welcoming 15.7 million tourists in 2024, and a rising influx of expatriates and foreigners seeking furnished units in strategic locations like New Cairo, the demand for flexible, hassle-free housing solutions is at an all-time high,' he noted.
Al Ahly Sabbour has teamed up with Rich House for project management and supervision and Azure for design.
Project cost and completion timelines weren't disclosed.
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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