Mabany Edris has announced the launch of a new phase of its Koun project at Ras El Hekma on the North Coast, following the success of its first and second phases released by the company in the summer of 2023, Invest-Gate reports.

Having sold all units offered in the Koun project in record time, Mabany Edris aims to achieve total project sales estimated at EGP12 bn.

The Koun project boasts a prime location at Kilo 201 on the Alexandria-Matrouh road northwest of the North Coast, covering an area of 447,657.5 square meters and comprising over 1500 units.

Moreover, in the new phase of Koun, Mabany Edris is offering fully finished units totaling 593, with various models and sizes, including ground and upper-floor apartments, ranging from one to three bedrooms, as well as standalone villas, townhouses, and twin houses, with areas starting from 59 to 114 sqm.

For his part, Mohamed Edris, CEO of Mabany Edris for Real Estate Development, revealed an increase in the investment volume of the Koun project from EGP6 bn to EGP7 bn due to last year’s price hikes in materials and project execution costs, coupled with the depreciation of the local currency against the dollar.

Edris emphasized the company’s commitment to using the latest materials to maintain the expected quality of the projects.

Furthermore, despite market challenges in 2023, the company ensured the start of implementation and construction of the first phase and lagoons. Edris explained that project deliveries are expected to commence in 2027.

Over and above that, the construction percentage in the project stands at 15% of the total land area. Mabany Edris prioritized increasing water and green spaces and services in the Koun project, with units enjoying distinctive views of water bodies.

Notably, Mabany Edris collaborated with Ismail El Habrouk Engineering Consultancy, one of the largest engineering consulting firms in Egypt and the Middle East, to develop project designs.