Egyptian property developer Madaar says it has marketed so far more than 400 units in its high-end residential resort development, Azha Ain El-Sokhna since it launched the project earlier this year.
Madaar has started implementation of the first phase of Azha, which includes 400 residential units, stretching 300,000 square metres, its chief executive Gasser Bahgat told Amwal Al Ghad on Monday.
Bahgat said his company decided to postpone any further marketing scheme for Azha until developing a vision for potential increase in prices of units.
It is inevitable that Egypt will witness an increase of 10 to 15 percent in the prices of all the housing units driven by the country’s dollar shortage crisis and the high prices of lands offered to developers, Bahgat added.
Located only 15 minutes away from Egypt’s anticipated new capital, Azha is set to cover an area of nearly 1.6 million square metres with a waterfront stretching approximately 700 metres on the azure Red Sea waters of the Suez Gulf.
It will include two hotels, spacious residential villas, apartment complexes, and twin houses with a stylish, modern feel; where residents can enjoy signature restaurants, spa facilities, and community centres.
The investment cost of Azha project is worth 7 billion Egyptian pounds ($788 million), self-financed by Madaar amidst plans to complete and deliver units in the first phase by 2018.
With a total of 2000 residential units, the project is being implemented through two main phases, which include other sub-stages.
Founded in March 2015, Madaar Development is a full-service, privately held commercial and residential real estate investment and development company.