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Mabany Edris announced on Sunday the launch of the 410-unit second phase of Koun residential project, located in Ras El Hikma on the North Coast, after Phase 1 achieved sold-out status.
The 6-billion-Egyptian-pounds ($194 million) waterfront project, which features standalone villas, twin villas, townhouses, duplexes, and chalets, is being developed over an area of 447,657.5 square metres on the Alexandria-Matrouh Road in four phases, CEO Mohamed Edris said.
“Koun project represents Mabany Edris's first residential, entertainment, and tourist project on the North Coast,” he said.
Edris said construction will start in the last quarter of 2023 with EGP300 million ($9.7 million) allocated for construction works.
Edris said the first phase closed with sales worth EGP2 billion ($65 million), adding that the company is targeting sales of EGP1 billion ($32 million) in 2023.
Deliveries of Phase 1 units are expected to start within four years.
Manany Edris’s project portfolio includes the Green Projects series 1 to 6, and Asayla Compound in New Assiut; Mansoureya Residential Complex (Cairo), Palm Gardens complex (Cairo-Alexandra Road); The Block commercial project, Central Avenue mall, Rofayda Medical Complex (Sheikh Zayed City); Masriya Warehousing (Cairo-Alexandria Road), and hospitality projects.
(1 US Dollar = 30.92 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
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