Orientals for Urban Development (OUD) has revealed the beginning of construction of integrated urban projects in the New Administrative Capital, New Cairo, and the North Coast. OUD, the real estate arm of giant carpet makers Oriental Weavers will invest about EGP 2.2 bn in the construction works only, Invest-Gate reports.

Mohamed Mohamed Farid Khamees, OUD’s managing owner, said that they are targeting to increase sales by 333% more than what was achieved last year. He added that they are about to deliver 500 properties in their different touristic, residential, and services projects.  

Khamees also added that their project in the New Administrative Capital will be built on a surface area of 50 acres with total investments of EGP 3.9 mn.

OUD has opened reservations in their project AZADIR in New Cairo on an area of 70,000 square meters with total investments of EGP 1 bn, according to Khamees.

AZADIR will encompass 463 residential units with different forms varying from apartments starting from 124 square meters and duplex houses starting from 279 square meters.

AZADIR clients can pay a 1% down payment and pay installments on four to seven years and the average price of the property starts from EGP 2 mn.

Units in AZADIR will be fully finished on the highest level, while all buildings will be Smart Homes based.

Khamees also added that they have chosen a land that is completely exposed to the sun and wind and the building percentage of the compound will not exceed 20% from the total surface area, so, the compound will be environmentally friendly.

The compound will also have a clubhouse with a swimming pool and a playground area, as well as, a mall that will have different branded stores.