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Egypt’s Wadi Degla Developments (WDD) announced on Wednesday the launch of Waterside, the third phase of its 8 billion Egyptian pounds ($259 million) Murano mixed-use development in Ain Sokhna.
Phase 3, which comprises 300 units, would be developed at an investment of EGP 3 billion ($97 million), the company’s CEO told Zawya Projects.
Raymond Ahdy confirmed that Phase 1, which comprises 600 units, has been completed and delivered while construction of the 720-unit Phase 2 is underway.
The sea-facing Murano development spans an area of 470,000 square metres (sqm), and includes about 2,320 villa units, a hotel, private beach, a marina, commercial spaces, and green areas.
Ahdy said the hotel, scheduled to be launched in two months, would be a 5-star property with 125 keys, and operated under Al Masa brand.
WDD is collaborating with real estate development consultant Injaz on the third phase in terms of unit architecture, interior designs and landscapes.
The company’s portfolio comprises 16 projects with a total land area of 5.5 million sqm.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
