The project accumulates more than EGP 8 billion in total investments35% of the total project units have been delivered
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Floating Islands introduces 400luxurious units
Wadi Degla Developments announced the launch of Floating Islands, the last U of the third phase of Murano Ain Sokhna, representing EGP 8 billion in total investments. With additional investments of 1.3B, Murano’s Floating Islands introduces another 400 luxurious residential units varying between chalets, penthouses, and duplexes, with an average area of 75 to 260 sqm. To date, 35% of the project units have been delivered.
In a statement by CEO of Wadi Degla Developments, Dr. Raymond Ahdy emphasized that the launch of Murano’s Floating Islands represents the culmination of the company’s great efforts to provide a distinguished real estate product that enhances the well-being of customers. Consisting of three phases, Murano phase one has been fully delivered and accommodating over 600 families, while the second phase deliveries have begun in 2023 and scheduled to continue throughout this year. Murano’s third phase, Waterside, was launched last year featuring units ranging from 115 to 260 sqm, with construction expected to start during the last quarter of 2024.
Ahdy added that the company has launched sales for Floating Islands, which was established with a modern design inspired by the unique nature of the Murano project and its distinctive masterplan layout where all units enjoy a full view of the Red Sea. Capitalizing on Murano’s unique features such as the third-longest sandy beach in Ain Sokhna spanning approximately 800 meters, diverse unit types and attractive location, the company has achieved total sales of EGP 5 billion in Ain Sokhna in less than 12 months since resuming project sales. This success fortifies the company’s position, which it has maintained since its inception, as the top-selling developer in Ain Sokhna, with a market share exceeding 20% of sales over the past year.
Murano’s distinct features positions it an ideal haven for families all year round, not just during summer holidays. Its smart infrastructure allows customers to work remotely, which is in line with the current global trend towards working from home, positioning Murano as a perfect second home, where residents can seamlessly transition between work and leisure. This makes it possible to maintain professional productivity while enjoying the tranquility and beauty of the red sea.
“The future of investment in recreational real estate property looks promising, especially with the initiatives many governments are taking to strengthen the tourism sector, attract more tourists, and develop better infrastructure. With the increasing demand for luxury travel destinations and distinctive touristic experiences, recreational property remains a popular investment option for many, enhancing the sustainability of ROIs and achieving more investment opportunities in the future,” noted Ahdy. Studies predict that the size of the residential real estate market in Egypt will reach from 18.04 billion US dollars in 2023 to 30.34 billion US dollars by 2028, with a compound annual growth rate of 10.96% during the expected period (2023-2028).
It’s noteworthy that Wadi Degla Developments is one of the oldest and largest real estate developers in Ain Sokhna with its portfolio featuring 6 coastal projects with a strong ROI, such as Murano. With a prime location overlooking the Red Sea directly, and a distinctive beach along Zafarana Road, and is considered one of the closest coastal projects to the heart of the capital. Murano stretches over a total area of 470,000 square meters featuring more than 2,000 units.
This is in addition to an integrated commercial area, vast landscapes, kids area, cafes & restaurants, swimming pools, among many social and recreational facilities.
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