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The first phase comprises 530 units
Egyptian developer Naia Developments is planning to deliver the first phase of its 14 billion Egyptian pounds ($310 million) Naia Bay project, located in Ras El Hekma on the North Coast next year, a top company official said.
Mohamed Farag, Vice Chairman for Commercial Sector told Zawya Projects the first phase, comprising 530 units, will be delivered in 2025 with second phase delivery scheduled to begin by 2027.
The 112-acre mixed-use development, designed by EIGhoneimi Architects, includes a total of 720 villas, townhouses, and chalets, a mall, an entertainment zone, restaurants and crystal lagoons.
Farag said construction of the entire development is 70 percent complete, adding that the company has appointed global hospitality company Accor to manage the NAIA Bay’s 250 hotel units.
He added that the company has incorporated various sustainable elements into the project including solar street lighting, automated irrigation networks, two desalination plants with a total capacity of 2,000 cubic metres/day (m3/day), a 1,300 m3/day wastewater treatment plant and drinking water tanks with a capacity of 2,000 m3.
In February 2024, Abu Dhabi-based investment and holding company ADQ had announced that it will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium.
(1 US Dollar = 48.42 Egyptian Pounds) |
