The first phase of the HillSide Villas project in the heart of Sixth of October is launched by O West by Orascom Development - MENA startups, innovation, and tech news

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The first phase of the HillSide Villas project in the heart of Sixth of October is launched by O West by Orascom Development
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The first phase of the HillSide Villas project in the heart of Sixth of October is launched by O West by Orascom Development

UNDERSTANDING O WEST BY ORASCOM DEVELOPMENT:

O West, located west of Cairo, the Egyptian capital, is a town project by Orascom Development Holding (ODH), a leading developer which offers a “true town living” experience in the heart of 6th of October City, across a vast 4.2 million m2,which is a fully integrated destination, including hotels, residential entity, health institutions and leisure amenities such as golf courses, marinas, and arts. Property developer Orascom Development announced the launch of the first phase of the HillSide Villas project by O West in the township lately. The announcement was made at a press conference.

The objective of this step is to meet the escalating demand for units offered in O West, as real estate sales increased by 13.8% in the first quarter (Q1) of 2021, in contrast to the same duration last year.

ABOUT HILLSIDE VILLAS:

HillSide Villas are located in Qemet, a locality nearer to O West, which involves a wide variety of units such as Prime, Horizon, Grand Villas, single-story villas, and mansions.Hillside Villas permits its inhabitants to relish the comforting and luxurious way of life along with many picturesque landscapes. On topmost of this are the waterfronts, several parks as well an enormous open green arena.

REAL OBJECTIVE:

Meanwhile, Orascom Development aims to increase the number of units in Qemet in the course of the second half of 2021. The EGP 7.5 billion neighborhood, which was launched in February this year, is in rising demand. Orascom Development envisages the project as a “sports, arts and health hub,”.

ORASCOM DEVELOPMENT UPDATE Q1 2021 PERFORMANCE Q1:

In a quarterly earnings report, Orascom Developmentrecorded that the company made sales of EGP 2.1 billion in Q1 2021. This represented an increment of 37% from the same duration last year. In Q1 this year, O West was the second-largest benefactor to new non-commercial real estate sales, following El Gouna. Average selling prices for O West properties rose by 24.8% as compared to Q1 2020. In terms of sales within the township, Orascom Developmentsold 8.1% more units this quarter, with net sales reaching EGP 774.4 million. Total quarterly revenues of the township for Q1 2021 stood at EGP 360.2 million.

SIGNIFICANCE OF REAL ESTATE SECTOR DURING PANDEMIC:

The real estate sector is the most vital sector that has combatted the (COVID-19) pandemic and contributed on a large scale to the Egyptian economy. Egyptian Government played acrucial role during the crisis, by administering large funds into various sectors. This protected the economy from stagnation thus, leading to the real estate being considered a haven for investment. This is reflected in the increasing demand for units in the town, especially in Qemet, a real estate project with a total inventory of EGP 7.5bn, which was introduced in February 2021. The company is also planning to increase more units in Qemet during H2 of 2021, to meet the escalating demand.

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