Residence Developments is preparing to begin construction work on the fourth and final phase of its Aroma Al Sokhna project, the company’s CEO has announced.
Wael El Shahed, CEO of Residence Developments, said that the company is investing EGP 750m in construction activities for the project by the end of the year, bringing the total investment in construction for the year to EGP 1.25bn. The company has already spent approximately EGP 500m on finishing and services for the project since the start of the year.
The fourth phase will cover approximately 25 feddan of the project’s total area, with construction beginning soon. El Shahed said all services, unit details, and special offers with significant discounts will be announced in a few days. The company targets EGP 2.5bn in sales for this phase.
The first and second phases of the project have been operational since 2018. The third phase is nearing completion and will be fully operational by the end of the year.
El Shahed highlighted the project’s distinctive amenities, spread across its 25-feddan area, including a sandy beach, the largest water surfaces with unique and innovative distribution throughout the project, water attractions, picturesque green landscapes, a yacht marina, a dedicated children’s play area, 12 swimming pools, a social club, a gym and spa, and restaurants, cafes, a supermarket, and a clinic – all operational throughout the year since 2017.
During a recent site visit, El Shahed mentioned that the company has a comprehensive development plan and is exploring several investment opportunities to launch a new project in the coming year.
He emphasised that the company is evaluating various opportunities in key and attractive investment areas in both west and east Cairo, as well as the North Coast, to seize a good opportunity for the company’s clients and introduce a new project in 2025.
This initiative aligns with the company’s new expansion strategy and reflects the strength and experience of the company and its founders, who have been active in the real estate sector for over 25 years.
