Wael El Shahed, CEO of Residence Developments, emphasized that despite the extensive urban development underway across Egypt, the opportunities available in the real estate market far exceed the current level of development, Invest-Gate reports.

Moreover, El Shahed praised the government’s efforts in enhancing infrastructure and upgrading key roads leading to new and coastal cities, which has significantly boosted local and foreign investments and strengthened the real estate sector.

During a press tour organized by the company to inspect Aroma Residence Sokhna Resort, a prominent coastal project on the Red Sea, El Shahed announced that Residence Developments is preparing to commence construction on the fourth and final phase of the resort.

Furthermore, the project, spanning 85 feddans with investments exceeding EGP 6 bn, is nearing completion of the third phase. It will be fully delivered and operational by the end of this year, joining the first and second phases, which have already been completed.

El Shahed revealed that the company plans to invest around EGP 750 mn in construction by the end of the year, with an additional EGP 500 mn allocated for finishing and services since the beginning of the year. This brings the total investment for 2024 to EGP 1.25 bn, in line with the company’s strategic plan.

The fourth phase, covering 25 feddans, will be launched soon. It will offer unique designs and a range of unit sizes to meet diverse customer needs.

El Shahed noted that the sales target for this phase is EGP 2.5 bn.

Notably, Aroma Residence is a key project in Ain Sokhna, known for its comprehensive services and prime location. It is the first coastal project in the area with gas connections to all units.