Orascom Development Egypt's (ODE) Makadi Heights mixed-use project on the Red Sea coast contributed 15 percent of the developer's new sales during the first nine months of 2021, the project's CEO said. 

Tamer Dowidar said the company plans to raise this percentage in the coming months, adding that net sales increased by 154 percent in the first nine months of 2021 to 854.7 million Egyptian pounds ($54 million).  

ODE is planning to deliver 244 units of Makadi Heights in 2022, the company had disclosed during an investor presentation last month. During the first nine months of 2021, a total of 255 units were delivered.  

Real estate revenues increased by 323 percent to touch 426 million pounds ($27 million) during the nine-month period.  

Spread over an area of 3.5 million square metres on the Red Sea, Makadi Heights consists of 9,000 residential units, comprising of apartments, villas and townhouses. 

Dowidar said nearly 2,750 housing units have been sold so far and more than 63 percent of the buyers are from outside Egypt, signifying a big vote of confidence in ODE's projects. 

"We also have three hotels in Makadi Heights totalling 1,100 rooms, which has enabled the development to host large-scale events like The Motor Sport Show for the first time in North Africa," the Makadi Heights CEO said. 

“Makadi Heights is designed to host sports and art events that aim to boost activate recreational tourism in the Red Sea governorate. We are preparing to host our first international music festival in May 2022," he added. 

Dowidar said the recently launched ‘Ria’ standalone villas are scheduled to be delivered by 2025 with a sales target of 700 million pounds ($44.5 million), adding that construction of the 100-unit development has already started. 

(1 US Dollar = 15.75 Egyptian Pounds) 

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

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