Ajna Developments has achieved sales of over EGP 700m during the first nine months of 2020 at its Carnelia Ain Sokhna project, the company’s Chairperson Osama Shalaby told Daily News Egypt.
Shalaby said, “The Carnelia Ain Sokhna development has met with great demand since its launch in December.”
The development, worth EGP 3bn in investments, is the first project for the company in the Egyptian property market, and spans over 100 feddan in Ain Sokhna.
Shalaby said that the company is looking to achieve EGP 6bn in sales in the project, which is being developed over four phases. The company intends to deliver the first phase in 2024.
He also said that the project is self-financed, with the company currently studying a number of investment opportunities in new urban cities, which the state views as one of its most important development plans.
“The company is considering launching business in the New Administrative Capital (NAC) as a part of its plan during the coming period, as it has praised such a giant national project and the unprecedented scale of development in the project,” Shalaby added. “The NAC has contributed mainly in making Ain Sokhna one of the most attractive coastal areas for housing, due to its proximity to the NAC, which supports investment opportunities in new projects in Ain Sokhna and the North Coast.”
Ajna Development’s Chief Commercial Officer Sherif Saleh said Carnelia Ain Sokhna project boasts 700 sqm of water frontage, and swimming pools built on a total area of 12,000 sqm, four clubs, and recreation areas.
He added that the project’s built-up area does not exceed 17%. The rest of its space is allocated to green areas, landscapes, industrial lakes, and services that meet all the customer needs.
He added that the Carnelia compound achieved EGP 250m in sales within the first five days of the first phase’s launch.
It is expected that the company will manage to record EGP 1bn in sales by the end of this year, Saleh noted.