Wadi Degla Developments has announced the launch of Floating Islands, the final segment of the third phase of its Murano Ain Sokhna project, representing a total investment of EGP8 bn, Invest-Gate reports.

This new phase includes an additional EGP1.3 bn investment, adding 400 luxurious residential units comprising chalets, penthouses, and duplexes, ranging from 75 to 260 sqm. So far, 35% of the project’s units have been delivered.

For his part, Dr. Raymond Ahdy, CEO of Wadi Degla Developments, highlighted that the launch of Murano’s Floating Islands marks a significant milestone in the company’s efforts to provide high-quality real estate that enhances customer well-being.

Ahdy noted the promising future of investment in recreational real estate, driven by government initiatives to bolster tourism, attract more visitors, and improve infrastructure.

Moreover, the Murano project, which consists of three phases, has already seen the full delivery of phase one, now home to over 600 families. Deliveries for phase two began in 2023 and will continue throughout the year. The third phase, Waterside, was launched last year and features units between 115 and 260 sqm, with construction set to start in Q4 of 2024.

Furthermore, Murano’s standout features, including its 800-meter sandy beach—the third-longest in Ain Sokhna—diverse unit types and prime location, have driven significant sales success.

Also, the company achieved EGP5 bn in sales within 12 months of resuming the project, reinforcing its position as the leading developer in Ain Sokhna, with a market share exceeding 20% over the past year.

Wadi Degla Developments, one of the oldest and largest real estate developers in Ain Sokhna, boasts a portfolio of six coastal projects with strong returns on investment.

Notably, Murano, spanning 470,000 sqm and featuring over 2,000 units, is strategically located along Zafarana Road, making it one of the closest coastal projects to Cairo.