By: Abdullah Bedeir

Cairo – Mubasher: IWAN Developments announced the launch of its integrated residential project “Majada” in Ain Sokhna over an area of 101 feddans.

Total investments in the project stand at EGP 5 billion, with expected sales ranging between EGP 7-8 billion, the real estate developer’s CEO Waleed Mokhtar said in a press conference on Monday.

The residential project will be built over four phases in eight years, he added.

Set to be delivered in 2024, the first phase of the project generated between EGP 2-2.5 billion in sales after EGP 1.8 billion worth of investments have been injected.

The property developer also plans to build new projects in New Cairo over an area of 529.9 feddans.

The company’s portfolio includes nine projects in Sixth of October City and Sheikh Zayed over an area of 244.2 feddans with 2,526 residential units at EGP 7.5 billion worth of investments.