Madaar Development’s Azha project in Ain Sokhna has recorded sales of EGP 11 billion, according to Gasser Bahgat, CEO of Madaar in an interview with Daily News Egypt.
The total investments in the project amounted to EGP 7 billion for building two phases, where each phase has 11 or 12 villages.
The project is expected to include a clubhouse and public services in each of the four half constructed villages that are scheduled to be finalized by mid 2019. Bahgat noted that approximately 94%- 6% of the units have been sold while construction work continues in the villages.
Approximately 50% of the project is made up of villas, while the other 50% is made up of apartments. Unit sizes range between 125 square meters for two-bedroom units and 165 square meter for three-bedroom units. Units also include a terrace, reception, and dressing room. The prices of units range from EGP 1.1 million to EGP 20 million.
The project also consists of amenities such as a lagoon, sports club, central park, cinema, 13 restaurants, shopping area, and a downtown area built over 120,000 square meters that will be finalized by late 2017.
Azha is expected to also include six five-star hotels, including a deluxe hotel that will be managed by an international company that will also start construction work on it.
The project is expected to also include 70 beach front villas with prices ranging from EGP 20 million to EGP 22 million, added Bahgat.
The company will be offering two new villages this October at a value ranging between EGP 400 and 450 million, added Bahgat who also said that the company is offering a payment method where buyers pay a 15% down-payment and pay installments over a period of six years.