O West’s sales edged up 13.8% in the first quarter of 2021
Tarek Kamel: O West City spans 1000 acres and conveys the experience of Orascom Development’s worldwide success stories to West Cairo
O West City, one of Orascom Developments’ cities in 6th of October City to the west of Cairo, logged upbeat property sales in the first quarter of this year, as its core property sales reached EGP981.6mlnupfrom EGP774.4mln in the same period of2020.
It’s noteworthy that the property sales in the 1st quarter of 2020 encompassed EGP301.4mln commercial sales in O West City.
When commercial sales are excluded from such revenues, it becomes evident that net property sales jumped by 13.8% to EGP774.4 in the first quarter of 2021 up from EGP680mln in the same period of2020.
O West Orascom sees an uptick in buying orders in respect of units at Qemet Neighborhood which the company launched last February with an inventory totaling EGP7.5bn.
This phase involved offering an inventory of houses worth EGP1.7bn.
Oranscom Developments seeks to build more units at Qemet during the second half of 2021 to keep pace with rising demand.
Construction works at O West runs unabated, as up to 406 villas have been constructed. By mid-May, the construction of 185 apartments that have already been sold will kick-off.
Five schools have been built in the first quarter of 2021 and the academic year is scheduled to start there in September 2022.
Additionally, a plethora of services beefed upbyvast green spaces providehygiene milieu, as theywill include a hotel, a sporting club, and a commercial mall, among others.
Moreover, Oranscom Developments will develop the master plan of O West Club, constituting a huge addition to the project, as the club will be the largest social and sporting venue in West Cairo.
O West Club will provide its members with a wide range of quality services.
During the first quarter of this year, up to 160 members have been added to O West Club (membership fees amount to EGP180), driving up total members to 1,642 members.
O West, spanning an area of 1000 acres ( equal to 4.2mln m2), is an integrated city with a unique strategic location west Cairo and provides all medical, educational, sporting, hospitality and entertainment services, according to O West Chief Executive Tarek Kamel.
“The city is three minutes away from Mall Misr and and five from Juhayna square and Arkan Plaza.”
“O West will convey the exceptional experience of El Gouna to residents of Cairo, drawing on Orascom Developments’ vision and strategy as regards building integrated cities and its wide experience and success stories it wove across the world,” said he.
Although the construction of O West is underway, it started to convey the success story of El Gouna to Cairo by means of hosting a number of sporting events and gala which enabled clients and buyers to get a firsthand look at the construction works.
The events comprised O West Rally, Tough Mudder Race, and included forging a partnership agreement with Art’Egypt Organization, as designers and artists focused on developing works and designs tailored to fit in with O West City.
These events fared well and made people look at this area West Cairo with heightened interest.
It’s noteworthy that Orascom Developments – Egypt is Orascom Developments Holding’s largest subsidiary, as it spearheads the development of integrated projectsacross the world, namely Egypt, United Arab Emirates, Oman, Morocco, Montenegro, Switzerland, United Kingdom.
Orascom Development runs 33 hotels with 7,198-room capacity and owns nearly 101 million m2 lands.
