October 6, 2021

Orascom Development records EGP 1.7B contractual sales from Makadi Heights


ArabFinance: Orascom Development Development Egypt (ORHD) has achieved contractual sales worth EGP 1.7 billion from its a fully integrated community at the Red Sea Makadi Heights during the period starting 2018 until 2021, CEO of Makadi Heights Tamer Dewidar told Al Borsa Newspaper.

The company has recorded net profits from Makasi Heights of EGP 250 million in 2018, EGP 400 million in 2019, EGP 450 million in 2020, and around EGP 585 million in the first half (H1) pf 2020, Dewidar highlighted.

He also said that the company is planning to sell 7,000 units at Makadi Heights over the coming eight years.

The prices of units at the project have increased by 100% since 2018 until 2021, the CEO said.

Orascom Development adopts a strategy based on accelerating the rates of construction to deliver the current phases of Makadi Heights on time, paving the way for handing over 244 units in 2022, Tamer Dewidar pointed out.

Makadi Heights previously reported a 402.1% year-on-year (YoY) surge in property sales in H1 of 2021.

Property sales amounted to EGP 583.9 million in H1 2021, versus sales of EGP 116.3 million in the year-ago period.

The community’s revenues rose by 29.7x to EGP 243.3 million in H1 2021, compared to EGP 8.2 million in H1 2020, the release added.

Makadi Heights recently launched RIA villas, with expected sales of up to EGP 700 million, which features 100 units that range between junior villas, family villas, one-storey villas, twin villas, and townhouses.

arabfinance


Categories : telecom

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