Egyptian property developer Madaar has started implementing the first phase of its high-end residential resort development, Azha project in Ain El-Sokhna, its chief executive announced Tuesday.
Gasser Bahgat, CEO of Madaar Real Estate Development, said the first phase includes 400 residential units, stretching 300,000 square metres.
Madaar is looking forward to carrying out most of the planned facilities in Azha by this mid-September, Bahgat said.
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, with expected sales worth more than 11 billion pounds, Bahgat added.
Madaar plans to complete and deliver units in first phase by 2018, the Egyptian official said.
The project is being implemented through two main phases, which include other sub-stages. It will have a total of 2000 residential units, Bahgat said.
Founded in March 2015, Madaar Development is a full-service, privately held commercial and residential real estate investment and development company.