By: Abdullah Bedeir
Cairo – Mubasher: Ajna Developments has launched a new residential project in Ain Sokhna at investments of EGP 3 billion.
Set to cover an area of 100 feddans, ‘Carnelia’ is scheduled to be implemented over a period of five years, the company’s chairman Osama Shalaby said in a press conference on Wednesday.
The new development will feature 1,000 residential units scheduled for delivery in 2024, Shalaby added.
The building area of the development will represent 17% of the total area, while the remaining 83% will be covered by green spaces, he remarked.
The project is expected to generate EGP 5.5 billion in sales, including EGP 300 million over the coming two months, the company’s chief commercial officer, Sherif Saleh, stated.
The first phase of the project will be self-financed by the company; however, Ajna Developments will consider borrowing for the coming phases, Saleh noted.
For his part, Amr Eid, the company’s chief development officer, revealed that Javier Cuevas, the owner of Creato arquitectos, has been awarded the interior design contact of the project, while Sites International will provide engineering consulting services and design the masterplan of the project.
In addition, Colliers International will provide advisory services for a hotel at the project, Eid added.
The real estate developer aims to invest EGP 15 billion over the coming five years in Ain Sokhna project, along with another project, spanning over 100 feddans, in the North Coast, he noted.
Ajna Developments was established in 2019 with an authorised capital of EGP 600 million.
