Iwan Developments along with its partner Idea Architects announced details of their new resort project Majada in Ain Sokhna.
The project is located 118 km away from the New Administrative Capital, built on an area of 101 feddan, over a number of cascading levels. The luxury compound has a 30,000-sqm private beach and will be built over four phases of seven years, with an estimated cost of EGP 5bn. The first phase is set to be delivered in 2024, according to Waild Mokhtar, the managing director of Iwan Developments.
Mokhtar said that the project provide unique and diverse services and facilities, with a number of opulent villas and a selection of spacious, twin houses, chalets, duplexes, and studios with private gardens overlooking crystal clear lagoons and sea views. The IDIA Design is implementing the project’s masterplan and finishing.
Mokhtar noted that Iwan Developments has traditionally focused their projects in Sheikh Zayed City. The company’s land bank reached 2.23m sqm, including Majada project.
He elaborated that Majada is Iwan’s first project outside Sheikh Zayed, with expected sales to reach approximately EGP 8bn.
He further revealed that the company plans to invest EGP 1.8bn. The company will begin construction works in early 2020, Mokhtar unveiled.
Ehab Mokhtar, managing director of IDIA Design, said, “The project will be based on xeriscaping, energy-efficient and eco-friendly solutions.”