Cairo – Mubasher: Orascom Development Egypt on Sunday announced the launch of its first flagship project in 6th of October city, named 'O West'.

O West features 950 residential units with around EGP 3.3 billion in investments, the company said in a statement to the Egyptian Exchange (EGX).

The Egyptian firm has initially offered 400 unfinished units at an average price of EGP 22.3 per metre, according to the statement.

In December, Orascom Development said it had signed a partnership with the New Urban Communities Authority (NUCA) for the development of an integrated 4.2 million square-metre housing project in 6th of October.

The hotel and tourist projects’ developer previously reported a modest increase in consolidated profits for the first nine months of 2018, recording EGP 276.06 million, compared to EGP 268.8 million in the same period of 2017.

Meanwhile, standalone losses reached EGP 119.27 million at the end of September, against EGP 13.7 million in profit in the corresponding nine-month period of 2017.

Source: Mubasher

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