Orascom Development Egypt (ODE) announces its preliminary real estate and hotels KPIs for the period ended June 30th, Invest-Gate reports.
ODE achieves EGP 2.7 bn in sales in Q2 2022, a 39.4% increase from EGP 1.9 bn in Q2 2021. In H1 2022, the company’s sales recorded EGP 4.7 bn, a 16.9% increase over H1 2021, the highest H1 sales figure in ODE’s history.
In El Gouna, new real estate sales during Q2 2022 grow by 8.6% to EGP 1.1 bn vs. EGP 1.0 bn in Q2 2021. That brings ODE 1H 2022 sales value to EGP 2.0 bn.
Alike, O West continues to affirm its leading position in West Cairo and records EGP 2.4 bn in sales for H1 2022, a growth of 73.6% when compared to EGP 1.4 bn in H1 2021.
O West was able to increase the average selling price per square meter by 28.8% compared to the average price per square meter during H1 2021, with the increase in demand for real estate units in the city.
The city managed to sell 380 units during H1 2022, compared to 278 units in H1 2021, an increase of 36.7%.
Tarek Kamel, CEO of O West, expresses his happiness with the huge leap in real estate sales achieved by O West for the second consecutive quarter during 2022, bringing the total sales since the launch of the project to about EGP 14 bn.
As for Makadi Heights, real estate sales reach EGP 304.4 mn in H1 2022 versus EGP 583.9 mn in H1 2021.
Additionally, ODE increases the average selling prices per sqm across all destinations. Whereby El Gouna’s average selling prices increased by 14.4%, O West prices increased by 28.8%, and Makadi Heights prices increased by 25.2% vs. 1H 2021.
On the other hand, ODE hotels’ proven business model once again delivers impressive quarterly results, as Q2 2022 KPIs show a healthy increase in both occupancy and ARRs driven by the return of both the corporate and leisure inbound tourists.
Also, the company’s Hotels in El Gouna and Taba Heights benefit from the uptick in the Egyptian hospitality segment with occupancies for Q2 2022 reaching 72% and 23% respectively. While H1 2022, occupancies reach 66% and 16%. Foreigners represent 72% of total occupancy in El Gouna during H1 2022 and 75% during Q2 2022.