PROJECTS: Egypt's Ajna to start construction of Carnelia project in Q4 21

$192mln hospitality development would be completed by end-2026

  
Image used for illustrative purpose. Construction machines and workers are seen in Egypt's new administrative capital, approximately 45 km (28 miles) north of Cairo, Egypt October 18, 2017.

Image used for illustrative purpose. Construction machines and workers are seen in Egypt's new administrative capital, approximately 45 km (28 miles) north of Cairo, Egypt October 18, 2017.

REUTERS/Amr Abdallah Dalsh

Egyptian developer Ajna Developments is planning to start the construction of its 3 billion pounds ($192 million) hospitality project Carnelia, located in Galala Ain Sokhna City, by the end of 2021, the company's chief commercial officer said.

Sherif Saleh told Zawya Projects that enabling, and infrastructure works for the 100-acre development have started and the main construction is scheduled to begin by end-2021.

He said the project, which includes 1,200 villas and chalets, and a 50-key boutique hotel, would be completed by end-2026.

Sites International designed the master plan while Creato is the project consultant, Saleh added.

He said the company will announce next year [2021] a 2 billion pound ($128 million) residential project spanning 40 acres in the New Administrative Capital in partnership with another developer without elaborating on more details.

(1 US Dollar = 15.60 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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