Madaar, an Egyptian property developer, has marketed more than 400 high-end units in its Azha Ain Sokhna development, following the launch of the project at the beginning of this year, reported Amwal Elghad.

The company launched the first phase of the resort, expected to be delivered by 2018, consisting of 400 residential units built on a total area of 300,000 square meters, according to CEO Gasser Bahgat.

Bahgat also expects that prices of real estate will be rising 10% to 15% due to the dollar exchange crisis and the high prices of lands offered to developers, according to El Mogaz.

The resort is expected to measure 1.6 million square meters, and features a waterfront of 700 meters on the Red Sea. The resort is worth EGP 7 billion in investments, funded by the company itself.

The project will also include spacious residential villas, apartments, twin houses, two hotels, and amenities such as restaurants, spa facilities, and community centers.