Orbit Developments launches two innovative projects with investment returns amounting to approximately EGP 4.5 bn, Invest-Gate reports.
One of these projects is located in Hurghada and the other in Ain Sokhna. The latter is considered the company’s surprise to the entire real estate market.
Mohamed Khattab, CEO of Orbit Developments, says that the company has a strong business precedent in tourism projects in various areas in the Red Sea and elsewhere.
Khattab adds that Orbit launched the two projects based on this promising experience and within its ambitious expansion plan.
He further explains that the first project dubbed Platinum Hurghada is located on the main village road in New Hurghada, near the Rixos Magawish Hotel and Albatros Resort.
Platinum Hurghada is located 15 minutes away from Hurghada International Airport, and only 5 minutes by car from one of the company’s hotels facing the beach, Gravity Hurghada, where the privileged location close to vital areas and road network is one of the elements that enhance the competitiveness of the project.
In addition, Platinum Hurghada is a residential-commercial project and spans over 30,000 sqm. It comprises various residential units, including studios, one bedroom, and two bedrooms, with a height of 5 floors, with a total targeted sales worth roughly EGP 2.5 bn.
The project construction work began 6 months ago, which reflects the company’s strong construction plan based on strong financial solvency.
In this regard, Khattab points out that a large part of the concrete structure of the project was completed before starting offering the resort.
The project is scheduled to be delivered by the end of 2025, and to be sold over four phases.
The company’s second project is Mall Al Sokhna, which is located at the 49th kilometer of Al-Zafarana Ain Sokhna Road.
In this regard, Khattab elaborates that the company has chosen a distinguished location for the project that maximizes its competitive advantages because the distinguished location is the first step towards the success of the project and achieving the highest investment returns from it.
The project is 15 minutes away from Galala University, 20 minutes from Zaafarana Road, and only 20 minutes from Ain Sokhna Port.
The project is situated on 35,000 sqm, and it is a commercial mall that includes commercial and entertainment units, with a height of 4 floors.
The mall’s total targeted sales worth approximately EGP 2 bn and will be marketed in three sales phases. The first phase of the project is planned to be launched with targeted revenues of about EGP 700 mn, provided that project delivery begins at the beginning of 2025.
Mall Al Sokhna is set to be operated in mid-2025.