Ajna Developments sees EGP5.5bln sales from Ain Sokhna flagship

Ajna Developments expects to achieve contractual sales of 5.5 billion Egyptian pounds ($340million) from its new flagship Carnelia in Ain Sokhna, said its chief commercial officer, Sherif Saleh on Thursday.

Spanning over 100 feddans, Carnelia is scheduled to be implemented over a period of five years at investments of 3 billion Egyptian pounds, Saleh added.

The first phase of the project will feature 2,000 residential units  with various spaces, the company will start implementing the first phase by the middle of the next yeat year, Saleh added.

The built up of the development will represent 17 percent of the total area, while the remaining 83 percent will be covered by green spaces, he remarked.

The first phase of the project will be self-financed by the company. However, Ajna Developments will consider borrowing for the coming phases, Saleh said.

The real estate developer aims to invest 15 billion pounds over the coming five years in Ain Sokhna project, along with another project which spans over 100 feddans in the North Coast, he noted.

Established in 2019, Ajna Developments has been established with an authorised capital of 600 million pounds.