Egypt’s property developer Madaar realised contractual sales worth 1.6 billion Egyptian pounds ($89.4 million) for its high-end residential resort development flagship Azha in Ein El-Sokhna, chief executive announced Wednesday.
“We are targeting contractual sales of 1.8 billion pounds by the end of this year … and 2.6 billion pounds by next year for Azha project.” Gaser Bahgat told Amwal Al Ghad.
Located only 15 minutes away from Egypt’s anticipated new capital, Azha is the first prime project for Madaar, set to cover an area of nearly 1.6 million square metres with a waterfront stretching approximately 700 metres on the azure Red Sea waters of the Suez Gulf.
At investment cost estimated at 7 billion pounds, the project is carried out in two main phases, which include other sub-stages.
Founded in March 2015, Madaar Development is a full-service, privately held commercial and residential real estate investment and development company. Main shareholders in Madaar are; Sunrise Resorts & Cruises as the sister company, in addition to a number of local and Arab investors.
