Orascom Development Egypt (ODE) has announcedits preliminary real estate and hotels’ key performance indicators (KPIs) for the third quarter (Q3) of 2021.
New sales in Q3 2021 reached EGP 2.2bn, a 50.3% increase from EGP 1.5bn in Q3 2020. That brings the company’s nine-month (9M) 2021 sales value to EGP 6.2bn, a 43.4% increase over 9M 2020. The positive momentum that we continued to witness in the third quarter of the year further solidifies the company’s strong positioning in the industry and its ability to take advantage of the existing demand in the local market with its well-tailored products.
2021 has been a year where ODE continued to strengthen its positioning, focused on execution, and further horizons expansions. Even during the midst of the pandemic, all ODE’s residential projects received strong interest across our destinations. The company also continued to leverage consumer insights, identifying the emerging buying behavior trends post pandemic and accordingly designing an array of products that will potentially cater to their needs.
Makadi Heights on the Red Sea continued to deliver excellent sales performance since the beginning of 2021. Net sales increased by 153.6% to EGP 854.7m from EGP 337.0m in 9M 2020.
The O West project recorded EGP 2.3bn in sales for 9M 2021, a growth of 43.9% compared to EGP 1.6bn in 9M 2020.
The increase in sales was a factor of both, our ability to increase the average selling prices and the number of units sold.
Demand for the hospitality segment started to improve during the second half of 2021, as vaccine deployment accelerated and lockdowns eased across the country, our portfolio continued to gather revenue momentum through Q3 2021. It has been such a positive sight to see our team welcome more guests back into our hotels, with domestic leisure bookings leading our occupancies, followed by meetings, incentives, conferences, and exhibitions (MICE) business events and a slight uptick with the return of foreign tourists.