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Ajna Developments invests EGP 3bn in Ain Sokhna’s Carnelia project - Daily News Egypt

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Ajna Developments invests EGP 3bn in Ain Sokhna’s Carnelia project

Ajna to invest EGP 15bn over next 5 years in projects in Ain Sokhna, North Coast

Ajna Developments debuts its new development in Egyptian market dubbed Carnelia in Ain Sokhna, with EGP 3bn of investments.

During a press conference held on Wednesday, the company unveiled its new project, Carnelia in Ain Sokhna, which covers an area of 100 feddan and offers 1,000 fully finished units, complete with air conditioning and kitchens. The unit types include villas, twin-houses, townhouses, as well as apartments, with sizes between 90 and 350 sqm.

Located 30 km from Ain Sokhna entrance gates, and 15 km from Al Zafarana Road, the project will see an investment of EGP 3bn spread across its five phases set to start delivering by 2024.

Ajna Developments is a shareholding real estate company with EGP 600m paid-in capital, which focused on the development of premium-quality residential, commercial, and mixed-use solutions.

Established in 2019, Ajna Developments is a boutique developer that sets out to redefine conventional perceptions of real estate in Egypt by capitalising on the combined decades-long expertise of its shareholders, who have a combined portfolio worth EGP 25bn, according to Osama Shalaby, chairperson of Ajna.

“Our vision aims at introducing a distinctive approach to real estate development through merging our shareholder expertise with that of acclaimed global experts,” Shalaby added.

Sherif Saleh, Chief Commercial Officer at Ajna Developments, noted that Carnelia’s location offers an assortment of fulfilling elements accentuated by 700-metre beach, 9,000-metre pools, and man-made lagoons that reach 12,000 metres.  

Carnelia’s master plan offers, vast green spaces, covering 83% of the project’s area, and sea views to 100% of its units. “The project is set to operate all year round with an assortment of entertainment, retail, and F&B options, alongside four clubhouses, allowing for a comprehensive, yet private experience,” said Amr Eid, Chief Development Officer at Ajna Developments.

As for the architectural design, Ajna Developments partnered with acclaimed Mexican architect, Javier Cuevas, founder of Creato Architects, as he has previously worked on signature buildings across the Middle East. However, Carnelia represents his first compound.

Eid pointed out that Ajna has partnerships with Sites International, one of the region’s top 5 names in master plan designing and has also collaborated with Collier Consulting, the leading investment consultant, to develop a boutique hotel within the project.

In order to offer supply for the growing demand in both the North Coast and Ain Sokhna, Ajna Developments has set a 5-year plan which will see the company invest EGP 15bn in a 100-feddan plot of land in the North Coast. The company is also projected to expand its portfolio by developing residential, commercial, and mixed-use real estate projects by increasing its land bank or partnerships.

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