Wadi Degla Developments has launched Waterside in the third phase of Murano. With investments of around EGP 8bn, Murano beach stretches across 750 metres on the Red Sea shore. "Murano's first phase comprises 600 units fully-finished and delivered, and construction works are underway in the second phase, as well as the third phase project we're launching today. Waterside is introducing new units with areas between 115 and 260 sqm ranging from chalets, duplexes and villas," stated Raymond Ahdy, Deputy CEO of Wadi Degla Developments. Wadi Degla Developments is considered one of the pioneers in Ain Sokhna since the launch of their first project, Marina Wadi Degla in 2005. Since then, Wadi Degla's portfolio in Sokhna has reached 6 projects, making them one of the largest developers in the region. "With the number of new plots available for development limited to mountain areas, the project represents a rare remaining opportunity with its over 700-metre private beach. Waterside is built with a new innovative concept," said Ahdy. Since its launch, Murano has come with more distinct features. In addition to Ain Sokhna' hot spring running through the project, Murano sits on a prime location on Zaafarana road at the entrance of Sokhna, half an hour from the newly built capital and about an hour away from Cairo. The recent logistic and geographic developments to Ain Sokhna raising its investment returns gives the resort a "huge competitive advantage," and that with the future development of a commercial space, foreseen, will prove extremely successful as it caters to the requirements of the area. Spanning 470,000 sqm, Murano has about 2,320 units with areas between 90 and 260 sqm, ranging from villas to attached villas, duplexes and chalets as well as various facilities including a hotel, private beach, marina, commercial area with a range of restaurants and cafes, swimming pools and vast landscapes surrounding the project. With the delivery of the projects' first phase with full-fledged facilities and fully-finished units that housed over 600 families, we have been developing the project to provide our residents and customers an exquisite lifestyle. In addition to the launch of Waterside, we have recently opened "Bianca", a new restaurant offering delicacies of the Italian cuisine for a luxurious dining experience to Murano residents. The project will also include a hotel, commercial zone, a private beach and swimming pools, in addition to green spaces making up various landscapes and playgrounds, he noted. Wadi Degla Developments is also collaborating with Injaz on designing the third phase with an innovative look reflected in the unit architecture and its interior designs, as well as the stunning landscapes that impart a distinct taste of luxury throughout the project. On the project's investments, Raymond Ahdy said that the company is investing EGP 8bn into the construction of the total project. It is difficult to set a final price tag in current market circumstances. "The lesson post-covid, post-war economic reform taught us is that it is essential to ensure you have a project management schedule along with a sufficient time buffer for execution. In line with this, phase two of the project, which had witnessed reached a halt as a result of the new beach legislation, is progressing rapidly," added Ahdy "In spite of the halt, Wadi Degla Developments teams has worked nonstop to successfully obtain the required permits and resume construction works on phase 2 towards the delivery of some of its units this year and delivering the rest in 2024."
