Egypt’s Orascom launches phase I of its works debut in UK

Egypt’s Orascom Development Holding said on Monday it has started the first phase of its housing project debut – named Eco-Bos- in the United Kingdom.

The company is planning to launch the first phase of West Carclaze Garden Village (WCGV) in Cornwall, UK. WCGV is a mixed-use residential development principally targeting local, primary homebuyers.

It includes 1,500 -1,800 units built around extensive green areas and lakes for recreation, a 420-place primary school, an office park, a village centre with a mix of retail, F&B and community service buildings, besides a 7MW solar energy farm.

The project has been designated as a Garden Village as well as an Eco-Town by the UK Government and is under consideration for a Healthy Town designation by the National Health Service (NHS).

These accolades are all related to initiatives supported by the UK government in the context of its long-term plan for providing mass housing to meet a huge demand while promoting principals of affordability, sustainability, and healthy living.

Eco-Bos succeed in achieving these designations for WCGV allows it to enjoy not only significant prestige and increased market visibility but also significant government support including some concessionary funding.

This land bank allows Eco-Bos to plan the development of projects over the next two decades strongly helping to achieve Orascom’s strategic objective to diversify into the relatively stable and attractive market for European first homes while having positive cash flows and consolidated profits from an early stage.

This phase includes a total land area being developed over 196,604 square metres and 270 housing units.

As for Eco-Bos Development, it is Orascom’s UK subsidiary in partnership with Imerys Minerals Limited, which owns a 25 percent share in the Egyptian company.

Source: Bloomberg