Egypt’s Ajna Developments has signed a partnership agreement with Manara Developments to accelerate development of the fourth phase of the Carnelia project in Galala City.

Ajna Chairman Osama Shalaby said Manara will oversee development and marketing of Phase Four, while Ajna will retain responsibility for overall project management and operations.

He said the partnership is expected to accelerate construction and enable completion of the overall development at least one year ahead of schedule.

Total investments in the Carnelia project have reached approximately 30 billion Egyptian pounds ($569 million), according to Shalaby.

Phase Four

Ahmed Omar, Chairman of Manara Developments said the fourth phase spans more than 150,000 square metres (sqm), equivalent to around 35 feddans, with completion targeted within four years.

Phase 4 is expected to generate EGP 5 billion ($95 million) in sales and involve around EGP500 million ($9.5 million) in construction spending during 2026

The revised master plan includes unit sizes ranging from 55 sqm to 150 sqm, studio and chalet configurations and expanded landscaping, greenery and water features.

The phase will comprise 389 residential units, all overlooking the coastline, landscaped areas and water features.

Sales launch

The first sales release is scheduled for mid-May and will include 100 units with prices starting from EGP4 million, and payment plans extending up to eight years

The Carnelia project extends over 100 feddans in Ain Sokhna and features a 400-metre beachfront rising approximately 160 metres above sea level.

The mixed-use resort development includes 1,800 fully finished units overlooking the Galala yacht marina, which accommodates up to 240 yachts

Around 90 percent of Phase One buildings have been completed, with deliveries for the first and second phases scheduled to begin in the fourth quarter of 2026.

(1 US Dollar = 52.72 Egyptian Pound)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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