Ajna Developments Partners with Manara to Expedite Carnelia Project Phase Four
📋 Key Takeaway: Ajna Developments has partnered with Manara Developments to accelerate the fourth phase of the Carnelia project in Galala City, with significant investments and a four-year completion target.
Partnership Details and Project Scope
Egypt’s Ajna Developments has formalized a partnership with Manara Developments, aiming to expedite the development of the fourth phase of the Carnelia project located in Galala City. Osama Shalaby, Chairman of Ajna, announced that Manara will take charge of both the development and marketing of this phase, while Ajna will maintain oversight of overall project management and operations. This collaboration is anticipated to accelerate construction timelines, potentially allowing for project completion at least one year ahead of the original schedule.
The Carnelia project has seen total investments amounting to approximately 30 billion Egyptian pounds, equivalent to $569 million. Ahmed Omar, Chairman of Manara Developments, detailed that the fourth phase will cover over 150,000 square meters, or about 35 feddans, with a completion target set for four years from now. This phase is projected to generate EGP 5 billion, or $95 million, in sales, alongside an estimated EGP 500 million, approximately $9.5 million, in construction expenditures during 2026.
Features and Sales Plans for Phase Four
The revised master plan for Phase Four includes residential units ranging from 55 to 150 square meters, featuring various configurations such as studios and chalets. The design emphasizes expanded landscaping, greenery, and water features, enhancing the overall aesthetic appeal of the development. The phase will consist of 389 residential units, all strategically positioned to overlook the coastline, landscaped areas, and water features.
The first sales release for this phase is scheduled for mid-May, with an initial offering of 100 units. Prices are set to start from EGP 4 million, and buyers will have access to payment plans that extend up to eight years. The Carnelia project itself spans over 100 feddans in Ain Sokhna and boasts a 400-meter beachfront that rises approximately 160 meters above sea level, offering a unique coastal living experience.
Current Progress and Future Outlook
Currently, around 90 percent of the buildings in Phase One have been completed, with deliveries for both the first and second phases expected to commence in the fourth quarter of 2026. The mixed-use resort development includes a total of 1,800 fully finished units that overlook the Galala yacht marina, which has the capacity to accommodate up to 240 yachts. This strategic development not only enhances the residential offerings but also positions the project as a significant player in the luxury real estate market in Egypt.
Frequently Asked Questions
What is the total investment for the Carnelia project?
The total investment has reached approximately 30 billion Egyptian pounds, or $569 million.
When is the first sales release for Phase Four?
The first sales release is scheduled for mid-May.
How many residential units will Phase Four include?
Phase Four will comprise 389 residential units.
What are the payment plans for buyers?
Payment plans will extend up to eight years.
What is the completion timeline for Phase Four?
Completion is targeted within four years.
