“O West” has achieved promising sales rates during the first quarter of 2021 with net real estate sales amounting to EGP 774.4 mn compared to EGP 981.6 mn during Q1 2020, Invest-Gate reports.
The first quarter of 2020 sales included EGP301.4 mn in commercial sales (land proceeds resulting from school agreements) in the O West project. Excluding those revenues from commercial sales, net real estate sales increased by 13.8% to reach EGP 774.4 mn in the first quarter of 2021 compared to EGP680.2 mn in the first quarter of 2020, the company’s official statement reads.
O West, a subsidiary of Orascom Development, witnessed a surge in customer requests to purchase in the Qemet district, which was launched in February 2021 with a total stock of EGP 7.5 bn, the statement elaborates.
Construction work is progressing at O West with remarkable speed, with 406 villas built, and in mid-May, construction of 185 apartments that have already been sold during the recent period will start. The construction of the five schools has also started in the first quarter of 2021. It is expected that the schools will start working at the beginning of the school year in September 2022; in addition to many services on the project, which will provide a healthy environment that depends on green spaces among other services, the statement adds.
On his part, Tarek Kamel, CEO of O West, confirms that the project is built on an area of 1000 acres, and is distinguished as an integrated city, providing all health, educational, sports, hotel, and entertainment services.