Orientals for Urban Development aims to develop several projects, including one over 80 feddans in the North Coast in two months, according to Mohamed Farid Khamis, owner of OUD.
Khamis said that the company plans to launch two new cities in its Oriental Coast project in Marsa Alam. The first city will be an international tourism project specialised in medical tourism and the second city will be designed and implemented in a Nubian architectural style.
He noted that the company achieved sales of EGP 100m last year from the currently offered phase of Oriental Coast Marsa Alam.
He explained that the company has faced some marketing challenges because it was the first developer to invest in the region.
He said he expects to double sales during the current year in light of remarkable demand from customers and the acceleration of marketing companies looking to sign cooperation protocols with OUD to market the project.
Oriental Coast is spread over 5.5m sqm, has a 7.5 km sea front, and includes 13 phases. The second phase is being developed and includes a variety of services as well as 12 hotels of different star categories and an 18-hole golf course.
Khamis announced that the company has been able to achieve solid financial results in recent years and achieved sales exceeding EGP 600m in 2017 from its projects in the cities of Obour and Marsa Alam.
He revealed that the company aims to achieve sales of EGP 1.6bn in 2018.
“The company aims to inaugurate two hotels during 2019. The first is in the North Coast and the company has completed 80% of its construction works and the second hotel is in Marsa Alam, with construction at 70%,” said Khamis.
