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O West announced on Tuesday the launch of the first phase of the HillSide Villas within its O West integrated township in the 6th of October City.
The company said in a press statement that the launch follows growing demand for O West units, adding that HillSide Villas are part of Qemet neighbourhood launched in the first quarter of 2021.
Samih Sawiris, Chairman of parent company Orascom Development Holding (ODH) credited the large investments made by the Egyptian government into various sectors, especially infrastructure, for real estate sector’s resilience in the face of the challenges posed by the pandemic.
“El Gouna and all our projects across seven countries add to our experiences as integrated destinations builders and real estate developers. We are confident that O West is the result of our experiences and visions, as it is a new town with an experience of more than 30 years,” he said.
He told Zawya on the sidelines of the press conference that COVID-19 spurred demand for places that were safe with easy access to services, which has benefitted O West. He also added that real estate sector as whole registered a 13.5 percent increase in sales during the first quarter.
O West has to date built 406 villas and started the construction of five international schools in the first quarter of 2021, the press statement said, quoting company CEO Tarek Kamel. Additionally, O West will start the construction of 185 apartments in June.
Kamel said the design of O West Club, which would be the biggest social and sports club in West Cairo and accounts for five percent of Q West, is in the final stages. The O West master plan also includes a business district and a hotel area.
The statement said the company is also intending to increase more units in the 7.5 billion Egyptian pounds ($478 million) Qemet neighbourhood during the second half of 2021 to meet the increasing demand.
ODH’s revenues increased 61.5 percent to reach 1.46 billion pounds ($93 million) in first quarter of 2021, compared to 903.8 million pounds ($58 million) during the same period in 2020, despite the COVID-19 headwinds. Additionally, the company’s net profit increased by 377.1 percent to 438.5 million pounds ($28 million), compared to 91.9 million pounds ($5.9 million) in the first quarter of 2020.
(1 US Dollar = 15.67 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
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© ZAWYA 2021
