16 October 2019
Iwan Developments' newly launched Majada luxury residential compound in Ain Sokhna will also include hospitality units, the company's managing director said.
Walied Mokhtar told Thomson Reuters Projects that the five billion Egyptian pounds ($308 million) development will also feature 50 hospitality units.
"We are currently negotiating with international hospitality brands to operate them," he said without disclosing operational timeline for the hospitality units.
He pointed out that the 101-acre development would be built in four phases over a period of seven years and is expected to house 1,600 families when complete.
He didn't reveal the total number of units for the compounds but said the project would feature villas, chalets, townhouses and studios, adding that the 1.8 billion pounds ($111 million) first phase scheduled to be delivered by 2024.
"We plan to start construction work in January 2020," he said.
Consultants involved in the project included IDIA, which worked on the masterplan and interior concepts; Integrated Consulting Group (ICG); Economical and Safe Engineering (ESE); Civil and Environmental Engineering Group (CEEG); Atelier 23 and EnviReDo.
Mokhtar added that the company is planning to launch a new residential project in New Cairo by 2020 but declined to elaborate.
"Our real estate investments in Egypt will reach 13 billion pounds ($803 million) after the completion of Majada," he noted.
The company's current development portfolio, including Majada, comprises of nine projects in various stages of development and planning.
(1 US Dollar = 16.24 Egyptian Pound)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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