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The total investment in this project reaches approximately $649mln
Egypt - NAIA Developments has launched a new phase, Alana, within its NAIA WEST project in New Sheikh Zayed City.
Alana includes a variety of unit sizes ranging from 135 to 175 sqm, with a total of 496 residential units. It also features a clubhouse extending over 6,021 sqm. Alana project represents 50% of NAIA WEST project, which covers 140 feddans and is located in 6th of October city and Sheikh Zayed city. The total investment in this project reaches approximately EGP 32bn.
CEO of NAIA Developments Hisham El-Danasoury stated that the new project is a step towards implementing the company’s strategy of delivering the best integrated urban communities.
He noted that this adds to the series of recent successes the company has achieved as it scales its operations and expands in ways that have earned the trust of clients and investors, especially in the NAIA Bay project located in Ras El-Hekma in the North Coast.
El-Danasoury noted that the finishing of Alana units has been entrusted to Kyme Alchemy, which is recognized for its expertise in design and decoration. Additionally, NAIA is collaborating with Raafat Miller, a leader in comprehensive design and engineering consultancy in the Middle East, to create unique designs for the project.
Vice Chairperson for Commercial Sector at NAIA Developments Mohamed Farag confirmed the company’s commitment to executing all phases of its projects, with the completion rate of the NAIA WEST project reaching approximately 70%, building work has progressed to 55%, and façade finishes have reached 35%.
Farag pointed out that Alana units achieved impressive sales of EGP 2bn before their official launch, underscoring the high demand for the company’s products and their quality, especially after the complete sale of the targeted units in the initial phase of NAIA WEST in 2023.
He added that Alana features various amenities needed by residents, including a commercial area, swimming pools, bike and jogging paths, a children’s area, and recreational spaces for families, all set amidst vast gardens, lakes, and natural landscapes covering about 80% of the project’s total area, ensuring high levels of security, comfort, and privacy.
NAIA Developments has announced an increase in its investment volume in Egypt to EGP 46bn as part of its ambitious expansion plans for the upcoming phase, continuing to develop its land bank of approximately 250 feddans distributed between West Cairo and Ras El-Hikma in the North Coast area. |
