Egypt’s property developer OUD eyes 4.7bn pounds contractual sales this year

The company to inject 2.7 bln pounds investments into flagships in 2018

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Egypt’s property developer firm Orientals for Urban Development (OUD) targets contractual sales of 4.7 billion Egyptian pounds ($266.3 million) within 2018, its chairman Asser Hamdy said Tuesday.

“The company also seeks to pump investments worth 2.7 billion pounds into its projects within this year,” Hamdy further referred.

The Egyptian official said OUD is negotiating with the country’s El Mostakbal for Urban Development in order to attain two land plots over 305 feddans to execute two residential and commercial projects in Mostakbal City in New Cairo.

In addition, Hamdy referred that OUD is currently in talks within one of the real estate developers that owns a land plot in North Coast to carry out a new residential and touristic flagship on a space of 50 feddans.

“It (the residential and touristic project) is expected to be launched within next summer,” Hamdy stated, clarifying that this project is to include 400 units, with initial investments of around 1.4 billion pounds.