Egypt newly established real estate company, Madaar Development is planning to invest 700 million Egyptian pounds($78million) in its Azha compound in Ain El-Sokhna through the current year.
Gasser Bahgat, chief executive of the company said that the project would be established upon 1.6 million meter square with total investments worth 7 billion Egyptian pounds and expected sales of 11 billion Egyptian pounds.
He added that investments include contracts throughout the year to begin construction. 2000 residential units and two hotels of the project will be self financed yet the company is inclined to get a loan later one.
However, it includes residential villas, modern houses, and international restaurants overlooking a waterfront with an area of 700 meters in the Gulf of Suez area.
He noted that Madaar Development has signed a contract with Barton Willmore and Mixity to draw the project’s designs.
The development of Azha is estimated to take between 6 to 7 years, with first phase units to be delivered in 2018.
Madaar Development was founded in July 2015 with capital of EGP 400m. The company’s most prominent stakeholder is the Sun Rise group, in addition to Egyptian and Arab investors, including the Saudi group Anan.