Egypt’s Ajna Developments has logged more than EGP 700 mn in sales of its flagship project in Ain Sokhna, or “Carnelia,” during the first nine months of 2020, despite the unprecedented disruption in real estate performance by COVID-19, Invest-Gate reports.

With investments estimated at EGP 3 bn, the 100-acre gated community is expected to generate contractual sales worth EGP 6 bn, Ajna Developments Chairman Osama Shalaby revealed during the company’s participation at Cityscape Egypt, which runs from November 4 to 7.

Phase I of Carnelia, which is being developed over four phases, is scheduled for delivery in 2024, Shalaby further stated, underlining that the self-financing project was met with high demand from home buyers and investors since its release last December.

On his part, Ajna Developments CCO Sherif Saleh indicated that the Red Sea compound achieved a sales volume of EGP 250 mn during the first five days of its launch, confirming that the developer aims to seal EGP 1 bn deals before 2021.

Ajna Developments CEO Amr Eid pointed out that the company eyes multiple investment opportunities across new urban cities, which the state views as one of its most important development plans. Plans include the execution of mixed-use residential and commercial projects in the near future, besides boosting land portfolio and enrolling new partnerships.

Shalaby also said Ajna Developments extends to expand into the New Administrative Capital (NAC), explaining, “NAC has contributed mainly in featuring Ain Sokhna as one of the most attractive coastal areas for housing, due to its proximity to the new capital and Greater Cairo, which promotes opportunities for new projects across the Red Sea and North Coast.”

Situated 30 kilometers from the Ain Sokhna toll gate, Carnelia boasts a 700-square-meter beachfront and 12,000 square meters of swimming pools, in addition to four clubs and several recreational areas. It offers vast green spaces, covering 83% of the total area to provide complete sea views from all units.