Mabany Edris invests $198mln in Koun project on Egypt’s North Coast

Mabany Edris invests $198mln in Koun project on Egypt’s North Coast

Real estate developer Mabany Edris has launched the Koun project in Ras El Hikma on Egypt's North Coast, with an investment of 6 billion Egyptian Pounds ($198 million).

The residential project, spread over an area of 447,658 square metres, is designed by Architect Ismail Habrouk and comprises waterfront units offering lagoon views and sea views, the company's CEO Mohamed Edris told Zawya Projects.

He said the development, including a commercial area, a clubhouse, and a hotel, would be built in three phases, adding that the residential portion will feature twin houses, townhouses, chalets, duplexes, and standalone units.

Edris said construction is set to begin in the fourth quarter of 2023, with the first phase to be delivered within four years.

He also disclosed that the company plans to launch a 157-key Holiday Inn hotel in New Assiut within its Asayla project at an investment of EGP 600 million ($20 million).

Mabany Edris's portfolio of residential projects includes Al Mansoureya and Palm Gardens in Giza, Green series of projects in Sheikh Zayed and Asayla in New Assiut. Other projects include Rofayda Health Park medical project, The Block commercial project in Sheikh Zayed, and an industrial project - El Masria Complex for Storage Services - in Abu