During a press conference held at the Four Season’s Kasr Al Nil ballroom, Ajna Developments made its debut in the Egyptian market. With 600 million EGP in paid capital.
Ajna Developments is a shareholding real estate company focusing on the development of premium-quality residential, commercial, and mixed-use solutions.
The company unveiled its flagship project, Carnelia in Ain Sokhna, which covers an area of 100 acres and offers 1000 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 m2 and 350 m2. Situated 30 km from Ain Sokhna gates, and 15 km from Al Zafarana road, the project will see an investment of 3 billion EGP spread across its 5 phases set to start delivering by 2024.
Established in 2019, Ajna Developments is a boutique developer that sets out to redefine conventional perceptions of real estate in Egypt by capitalizing on the combined decades-long expertise of its shareholders, who have a combined portfolio worth 25 billion EGP.
“At Ajna Developments, we are on a mission to add a lasting sense of value to both, customers, and each of the areas we become a part of through our collective experience in both local and global markets,” Chairman of Ajna Developments Eng. Osama Shalaby said.
“Our vision aims at introducing a distinctive approach to real estate development through merging our shareholder expertise with that of acclaimed global experts,” he added.
“Since day one, all shareholders have been determined to introduce not only a new line of thought to the market but also establish a company that stands out through an insightful and analytical attitude,” Chief Commercial Officer at Ajna Developments Sherif Saleh said.
Carnelia’s location offers an assortment of fulfilling elements accentuated by 700 meters of beachfront area, 9000 meters of pools, and man-made lagoons that reach 12000 meters.
“Our unique value proposition at Carnelia is made more prominent by effectively utilizing our surroundings. Adjacent to the Galala Resort and its comprehensive set of facilities, our flagship project is also in close proximity to Ain Sokhna’s only international touristic yacht marina making it a year-round, first-home destination, as well as an appropriate opportunity for real estate export,” Saleh explained.
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 4 clubhouses, allowing for a comprehensive, yet private experience,” Chief Developments Officer at Ajna Developments Eng. Amr Eid said.
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.
“We wanted to collaborate with someone who understands the needs of our potential customers, yet could add a distinctive, ultra-modern flavor to the exterior of our units by employing his own vision,” Eid added.
Implementing time, space, and cost-efficient systems that are conducive to a sustainable model is an essential part of planning.
“Our value proposition is centered around partnering with experts in different fields, with the objective of saving resources without compromising the quality of our products. This is significant through our partnership with Sites International, one of the region’s top 5 names in master plan designing and landscaping thanks to the expertise provided by its founder, Dr. Maher Stino. We are also collaborating with Collier Consulting, the leading investment consultant, to develop a boutique hotel within the project,” Eid added.
In order to 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 15 billion EGP in a 100-acre 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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