Ajna Developments made its debut in the Egyptian real estate market with its flagship project in Ain Sokhna, “Carnelia,” which will see investments worth EGP 3 bn, Invest-Gate reports.
Extending over 100 acres along the Red Sea coast, Carnelia will feature 1,000 fully-finished and air-conditioned residential units, coming with fully-equipped kitchens and covering areas varying between 90 and 350 square meters, the company announced during a press conference held at Four Seasons Hotel Cairo at Nile Plaza on October 23.
Situated 30 kilometers from the Ain Sokhna toll gate, Carnelia will be developed over five phases, with phase I scheduled for delivery in 2024. Unit types at the all-year-round project include apartments, villas, twin houses, and townhouses.
Carnelia’s master plan offers vast green spaces, covering 83% of the project’s area, featuring complete sea views from all units. The project is set to be a first-home destination with an assortment of entertainment, retail, and food and beverage (F&B) options, alongside four clubhouses, allowing for a comprehensive, yet private, experience, the company’s Chief Development Officer (CDO) and Board Member Amr Eid revealed during the ceremony.
Additionally, the new coastal project is expected to comprise a 700-meter beachfront promenade, on top of 9,000 and 12,000 meters of swimming pools and man-made lagoons, respectively.
As for the architectural design, Ajna Developments partnered with acclaimed Mexican architect Javier Cuevas, founder of Creato Architects, to develop his first compound in the Middle East. Meanwhile, established in 1986 by landscape architects Laila Al Masry Stino and Maher Stino, Sites International has agreed to carry out Carnelia’s landscaping works.
“We are also collaborating with Collier Consulting, the US-based leading investment consultant, to develop a boutique hotel within the project,” Eid further added.
With an initial paid-in capital of EGP 600 mn, Ajna Developments is projected to expand its portfolio by developing residential, commercial, and mixed-use real estate projects via increasing its land bank as well as partnerships. The company has set a five-year plan, which will see it pumping EGP 15 bn into a 100-acre land plot on the North Coast.