Ajna Developments set to achieve contractual sales of 5.5 billion Egyptian pounds ($340million) from its new flagship Carnelia in Ain Sokhna according to the company's chief commercial officer, Sherif Saleh. Set to cover an area of 100 feddans, ‘Carnelia' is scheduled to be implemented over a period of five years at investments of 3 billion Egyptian pounds, he added. The first phase of the project will feature 2,000 residential units with various spaces, the company will start implementing the first phase by the middle of the next yeat year, Saleh added. The built up of the development will represent 17 percentof the total area, while the remaining 83 percent will be covered by green spaces, he remarked. The first phase of the project will be self-financed by the company; however, Ajna Developments will consider borrowing for the coming phases. The real estate developer aims to invest EGP 15 billion over the coming five years in Ain Sokhna project, along with another project, spanning over 100 feddans, in the North Coast, he noted. Established in 2019, Ajna Developments has been established with an authorised capital of EGP 600 million.