Egypt's Madaar launches $592mln ‘Kenz' project in West Cairo, plans 9 hotels
Spanning 200 feddans, Kenz is designed as a low-density, integrated community with built-up areas covering only 12 percent of the total land, the company said in a statement.
It said the development will offer 1,500 residential units, including apartments, twin houses, townhouses, and standalone villas, most of which will overlook a 65-feddan car-free central park - the largest of its kind in Cairo.
Key features of the project include:
A 5-star hotel operated by a global hospitality brand marking its first entry into Egypt
Serviced apartments to support investment-driven tourism
A 20,000 square-metre retail zone
A sports club, social club, and a cultural café
Ahmed Ehab, CEO of Madaar Developments told Zawya Projects that Phase 1 of Kenz is expected to be delivered within four years and generate EGP 6 billion in sales.
He also confirmed the completion timelines for Azha El Sokhna and Azha Ras El Hekma on the Red Sea coast and the North Coast respectively.
'Azha El Sokhna will include a 180-room 5-star beachfront hotel scheduled to be completed this year,' said Ehad. 'At Azha Ras El Hekma, 50 percent of construction is complete, with Phase I due in 2026 and full project completion expected by 2029.'
The two projects have exceeded EGP 40 billion ($789 million) in sales.
He said Madaar has committed EGP 6 billion ($118 million) for construction across Azha El Sokhna, Azha Ras El Hekma, and Kenz projects,
The company plans to deliver nine hotels across the three developments by the end of the construction phase, he added.
(1 US Dollar = 50.70 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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