Egypt’s OUD posts 550 mln pounds contractual sales in H1

Egypt’s property developer Orientals for Urban Development (OUD), affiliated to Oriental Weavers, reported on Sunday 550 million Egyptian pounds ($30.8 million) worth of first half contractual sales.

The company seeks to post full-year contractual sales of 1.3 billion pounds from its flagships, said OUD’s chairman Asser Hamdy on Sunday.

“The company is planning to launch two new projects within the second half of the year,” Hamdy told Amwal Al Ghad.

The first project, J’noub is located in the country’s new administrative capital, 45km (28 miles) east of Cairo, over 50 feddans in four phases. It will include 1,900 various housing units, he said.

“We will obtain the ministerial approval on J’noub within the next few days,” Hamdy said, adding that OUD is scheduled to be within a three-year timeframe.

The second project is located in North Coast resort on a space of 80 feddans. It is to encompass around 1,200 units, with investments exceeding 1.3 billion pounds.

“It is expected to launch our second project within this summer,” Hamdy added.