Egypt's Madar Development will launch Downtown Azha Ain Sokhna within its 6 billion Egyptian pound ($381 million) Azha Ain Sokhna residential resort project in the first quarter of 2022, the company CEO Jasser Bahgat told Zawya Projects.
The 400-acre Azha Ain Sokhna is the largest residential resort project in Ain Sokhna with its private 700 metre beachfront.
He said Downtown Azha Ain Sokhna, spread over an area of 130,000 square metres, would be developed at a total investment of 2 billion pounds ($127 million).
Madar opened Azha Ain Sokhna's first hotel, the 200-key, 5-star Tanoak, in October 2020.
"The project would be delivered over eight years," Bahgat said, adding that it would offer 2,500 housing units designed using sustainability principles.
Additionally, it would include additional seven hotels offering 1,300 rooms.
He said the company will invest a total of 22 billion pounds ($1.4 billion) next year, which will including an 8-billion-pound ($509 million) project on the North Coast.
"The best designers and consulting offices are involved in Azha including YBA, Benoy, Omni View, WATG, Hany Saad, Mimar, ACE-Moharram Bakhoum, Raafat Miller Consulting, BW, Raouf Fahmy, Barton Willmore," Bahgat said.
(1 US Dollar = 15.73 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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