Makadi Heights, by Orascom Development Egypt, announces its success in achieving the highest operational results ever during H1 2021, Invest-Gate reports.
The company’s sales soared 402.1% to EGP 583.9mn in H1 2021, compared to EGP 116.3mn in H1 2020. Real estate revenues increased by 29.7 times to record EGP 243.3mn during the first six months of 2021, compared to EGP 8.2mn in the same period last year, as a result of the acceleration of construction operations in the project.
Makadi Heights achieved an increase in the revenues of the city management sector by 36.5%, registering EGP 10.1mn during H1 2021. Similarly, the total revenue generated from Makadi Heights also leveled up by 13.2 times, recording EGP 253.4mn in H1 2021, compared to EGP 19.2mn in the corresponding period a year ago.
Makadi Heights is witnessing significant progress in the field of commercial leasing through the signing of several agreements, which are expected to start operating during Q3 2021.
Tamer Dewidar, Makadi Heights CEO, states that the company’s financial results for H1 2021 went beyond expectations, as it contributed to an increase in real estate sales for Orascom Development by 15% of total sales.
Dewidar adds that the company is keen on implementing its strategy launched in 2020 for a period of three years. The strategy includes accelerating the rates of construction, implementation, and delivery on the settled dates for the existing stages.
He notes that almost 60% of the targeted area of Makadi Heights and the executive works have been completed according to the deadlines to be delivered as scheduled.
It is worth noting that Makadi Heights is elevated 78 m above sea level guaranteeing magnificent views. The project is 20 minutes away from Hurghada airport and 25 minutes away from Hurghada governorate.