Orascom Development Holding (ODH) has commenced the development of its first project, the West Carclaze Garden Village (WCGV), in Eco-Bos Developments Limited in Cornwall, UK, Invest-Gate reports

This came after the company has demonstrated its financial viability by identifying sources of finance and obtaining the necessary development permits, according to a press release on November 6.

ODH is planning to launch the 196,604-square-meter first phase of WCGV, a mixed-use residential development mainly targeting local, primary homebuyers, the statement added.

The first phase includes a total of 1,500 -1,800 homes built around extensive green areas and lakes for recreation, a 420-place primary school, an office park, a “village center” with a mix of retail, food and beverage (F&B), and community service buildings, as well as, a 7-megawatt solar energy farm, ODH announced.

The project has been designated a “Garden Village” as well as an “Eco-Town” by the UK government and is under consideration for a “Healthy Town” designation by the National Health Service (NHS).

“These accolades are all related to initiatives supported by the UK government in the context of its long-term plan for providing mass housing to meet huge demand while promoting principals of affordability, sustainability, and healthy living,” according to the statement.

The company said that the project’s total land bank of 6.5 mn square meters “allows planning the development of a multitude of projects over the next two decades, strongly helping to achieve ODH’s strategic objective to diversify into the relatively stable and attractive market for European first homes while having positive cash flows and consolidated profits from an early stage.”