Orascom Development Egypt (ODE) has announced on February 27 the official launch of O West, its first home project, following the remarkable demand witnessed on the compound’s soft launch last December, Invest-Gate reports.

This came during ODE’s first brokers day, which witnessed “very good attendance,” according to the company’s statement.

The Egypt-based property developer said that O West’s official launch includes 950 units of apartments, duplexes, penthouses, and lofts, with a total inventory of EGP 3.3 bn. The soft launch phase included 400 units varying from single-family homes, standalone villas, twin houses, and townhouses with an average selling price of EGP 22,300 per square meter for core and shell.

Contracted sales from O West’s soft launch will be revealed on March 26, along with ODE’s 2018 full-year results, the statement added.

Commenting on the compound’s official launch, CEO of ODE Khaled Bichara said, “I am very pleased with the presales momentum of ‘O West,’ which surpassed our expectations, and which also strongly reaffirms [ODE’s] position as the market leader in building fully integrated towns, benefiting from its very strong brand equity, and unique community management experience and premium quality of infrastructure.”

Back in December, ODE has signed the final agreement with the New Urban Communities Authority (NUCA) to co-develop a 1,000-acre integrated community project in 6th of October City, west Cairo, based on a revenue-sharing model. Under the deal, the authority is entitled to 26% of total residential sales for the first eight years, according to a previous statement.

“The project is expected to boast more than 19,000 units, to be developed over a residential built-up area (BUA) of approximately 3.2 mn square meters, with expectations to generate an estimated total residential sales value of nearly EGP 77 bn over eight years,” read the statement.