Madaar Development, an Egypt-based real estate developer, started developing the first phase of its Azha project in Ain Sokhna, announced Gasser Bahgat, company’s CEO, reported Amwal Al Ghad.
The Azha project will cover an area of 1.6 million square meters, with investments of EGP 7.7 billion financed by the Egyptian and Arabian Gulf states, according to Daily News Egypt.
A high-end resort development, Azha will include hotels, residential villas, apartment complexes, twin houses, restaurants, spa facilities, and community centers.
The first phase of the project is set to include 400 residential units, over an area of 300,000 square meters, said Bahgat. Delivery of the first phase units is scheduled for 2018.
Development of the project will be conducted in two primary stages, with sub-stages in between. Azha will have a total of 2,000 units once completed.