Orascom Development Egypt (ODE) announced that sales at its El Gouna developed increased 22.1% in the second quarter (Q2) of 2020 to EGP 891.5m. It added that its hotels have received the full safety, sanitation, and hygiene audit confirmation from TÜV Nord.
ODE noted that demand for El Gouna remained strong, recording a boost in its sales progress with a 22.1% increase in total contracted and reserved units during Q2 of 2020 compared to Q2 of 2019.
Total contracts and reservations for El Gouna reached EGP 891.5m, of which EGP 773.1m were contracted and EGP 118.4m were reservations, compared to EGP 729.9m in Q2 of 2019.
The company said that the delay in converting the pending reservations to contracts resulted from the social distancing procedures put in place for the novel coronavirus (COVID-19) pandemic.
ODE added that it is continuing to speed up its construction pace in El Gouna, deploying 100% capacity at it construction sites, and complemented by all the necessary precautionary and safety measures. The company increased its construction budget for the destination this year to EGP 1.1bn, which is expected to generate real estate revenues within the range of EGP 1.9bn-EGP 2.1bn for 2020.
ODE is planning to deliver 254 units this year with main deliveries happening in Abu Tig Hill, Tawila, Ancient Sands, Cyan and Sabina.