Orascom Development Egypt launched two good projects in El Gouna in the third quarter of this year, with expected revenues of $ 125 million.
The two projects consist of housing units with various surfaces ranging from 71 square meters to 200 square meters, and the total number of units ranges from 300 to 320 housing units, according to a company statement on the Egyptian Stock Exchange.
Orascom Development’s real estate sales rise to £ 4.7 billion in the first half of the year
Orascom Development Company’s sales increased 16.9% during the first half of this year, reaching 4.7 billion EGP, achieving the highest half-yearly sales in the company’s history, according to a statement sent today Tuesday to the egyptian stock exchange.
In the second quarter of this year, the company’s sales increased 39.4% year-on-year to £ 2.7 billion.
El Gouna
Orascom Development’s sales in El Gouna increased 8.6% during the second quarter of this year, reaching 1.1 billion EGP.
At the first half of the year, El Gouna’s sales were around two billion pounds, down 2.8% year-over-year.
In the video .. 16% of El Gouna’s electricity is solar energy
Oh West
Sales of the O West project in West Cairo increased by 127.4% in the second quarter of this year on an annual basis, recording an increase of 1.4 billion pounds.
As for the first half of the year, “O West” sales increased by 73.6% year on year, recording EGP 2.4 billion.
Video: How Orascom Development brings modern life to O West
Makadi Heights
Net sales of properties at “Makadi Heights + Bay” were around 157.2 million pounds during the second quarter of this year, down 42.3% year on year.
In the Makadi Heights project alone, net sales of properties during the first half of the year were around 304.4 million pounds, down 48% year-over-year.
The company attributed the reasons for the decline in sales in the “Makadi Heights” project to slow sales in the project until the Makadi Heights land issue was resolved with the Tourism Development Authority, which was resolved in favor of company last month.
Video..Makadi Heights .. Orascom Development City, Egypt’s largest real estate export
Increase the average price per square meter
During the first half of the year, the company increased the average price per square meter across all projects, as the average price per square meter in El Gouna increased by 14.4%, the O West project by 28.8% and Makadi Heights by 25.2%, compared to prices in the first half of last year.
SODIC submits an offer to acquire the city “O West” from Orascom Development
Last month, Sixth of October Development and Investment (SODIC) submitted a non-binding initial offer to acquire Orascom Real Estate, the owner of the O West project.
The non-binding offer includes an indicative and initial purchase price of EGP 2.46 billion for a total of 100% of the share capital of Orascom Real Estate LLC.
The offer is subject to compliance with several conditions, including the completion of a full due diligence procedure on the contracting company, the approval of Orascom Development Egypt and the approval of all relevant government agencies.
The Board of Directors of Orascom Development Egypt has agreed to allow SODIC to conduct the required due diligence studies solely in accordance with what has been agreed and has authorized the company’s management to negotiate the agreement.
EFG Hermes has been authorized by all Orascom Real Estate shareholders as a financial advisor. It is worth mentioning that Orascom Development Egypt owns 70% of the total capital of Orascom Real Estate SAE.
On 6 October Development and Investment Company (SODIC) is owned by 85.5% of the Emirati Al Dar and Holding Company (ADQ).
Orascom Real Estate is developing the O West project on an area of 4.2 million square meters in the western part of Cairo.
