Real estate developer Madaar has recorded contractual sales worth EGP 1.6 bn for its high-end residential resort development Azha in Ain El Sokhna, CEO Gaser Bahgat told Amwal Al Ghad.

The company is expecting contractual sales to reach EGP 1.8 bn by the end of this year and a total of EGP 2.6 bn in 2017, Gaser added.

The project, which has a total cost of approximately EGP 7 bn, spreads on an area of 1.6 mn square meters. It includes a waterfront that stretches 700 meters on the Suez Gulf.

Azha contains two main phases, with further sub-stages planned. Madaar Development has executed several commercial and residential developments throughout the real estate market.