Madaar Development plans to invest between EGP 600m and EGP 700m in the Azha Compound in Ain Sokhna through 2016.
Gasser Bahgat, chief executive of the company, said in a press conference that investments include contracts throughout the year to begin construction on 1.6m square meters of the Azha project in Ain Sokhna.
Bahgat added that Madaar Development will aim to provide homes to first-time buyers, noting that the total investments of the project amount to EGP 7bn.
He explained that Madaar Development contracted Barton Willmore and Mixity to implement the project.
Madaar Development inaugurated the Azha project in Ain Sokhna, which includes residential villas, modern houses, and international restaurants overlooking a waterfront with an area of 700 meters in the Gulf of Suez area.
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.
Bahgat told Daily News Egypt on the sidelines of the project launch ceremony that sales are expected to exceed EGP 1.8bn in the current year.
The development of Azha is estimated to take between 6 to 7 years, with first phase units to be delivered in 2018.
Bahgat noted that the company plans to launch another project in Ras El- Hekma of the North Coast in July.
