Mariam Elsaadany, a real estate analyst at HC Research, says that O West project, which is being developed by Orascom Development Egypt (ODE), is expected to generate consolidated sales of some EGP 71 bn over years 2019 to 2029, or about EGP 7.1 bn annually, Invest-Gate reports.

Slated for launch in the first quarter of 2019, O West is Orascom’s latest flagship in West Cairo. The project occupies 4.2 mn square meters, with direct access to major highways and roads, Elsaadany reveals to Invest-Gate.

She points out that the development’s expected annual sales would increase the company’s annual average net contracted sales to EGP 9.1 bn in 2019, compared to an expected sales target of EGP 2 bn in 2018.

Orascom’s largest Red Sea destination, El Gouna, which offers 22.9 mn square meters of undeveloped land, out of its total undeveloped land bank of 26.4 mn square meters, had also provided significant growth prospects as the developer has managed to transform the project into an all-year destination via the establishment of schools, medical facilities, and a university, Elsaadany notes.

The real estate analyst anticipates ODE to report strong net contracted sales worth EGP 2.18 bn in 2018, 49% higher than the figures posted a year earlier.

Elsaadany accounts only for the launched phases, which yield a net contracted sales figure of EGP 9.34 bn from 2018 to 2024.

HC Research is the research department of HC Brokerage, an affiliate of HC Securities & Investment.