Orbit Developments has announced the launch of two projects in Hurghada and Ain Sokhna with targeted revenues approximately EGP 4.5bn.
CEO of Orbit Developments Mohamed Khattab said that the first project dubbed Platinum Hurghada, which is located on the main village road in New Hurghada, near the Rixos Magawish Hotel and Albatros Resort. Platinum Hurghada is a residential-commercial project and spans over 30,000 sqm. It comprises various residential units, including studios, one bedroom, and two bedrooms, with a height of 5 floors, with a total targeted sales worth roughly EGP 2.5bn. The project construction began 6 months ago, which reflects the company’s strong construction plan based on strong financial solvency.
Khattab noted, “A large part of the concrete structure of the project was completed before starting offering the resort. The project will start to be delivered by the end of 2025, and it is planned to sell the project over 4 phases. Besides, we target around EGP 500m from the first offering of the project.
He disclosed that Domesttu Design Studio was contracted to be an engineering consultant for the project, in addition to contracting with Orbit Property Management to be responsible for managing and operating the project.
Platinum Hurghada features large commercial areas that can accommodate famous brands, cafes, restaurants, and administrative offices, the company’s CEO stated, adding that the second project is Mall Al Sokhna, which is located at the 49th kilometer of Al-Zafarana Ain Sokhna Road.
He noted that the project is situated on 35,000 sqm, and it is a commercial mall that includes commercial and entertainment units, with a height of 4 floors. The mall’s total targeted sales are worth approximately EGP 2bn and will be marketed in 3 sales phases, he explained, pointing out that the first phase of the project is planned to be launched with targeted revenues of about EGP 700m, provided that project delivery begins at the beginning of 2025. Mall Al Sokhna will be opened in mid-2025.
“The company succeeded in developing a bunch of distinguished tourism projects, most notably Ocean Breeze, Ocean Breeze Sahl Hasheesh and Sungate Sahl Hasheesh. Additionally, the company has succeeded in selling about 80% of its projects in the Red Sea to foreign clients outside Egypt,” he said. “The company owns a unit portfolio with a total of 3,000 diverse units between residential, commercial and serviced-apartments. Orbit has succeeded in delivering 8 projects since its inception, all of which have captured the satisfaction and interest of customers.”
He revealed that Orbit Developments aims to expand with various projects, a branded residences project in Ain Sokhna during the coming period, besides a residential project in New Cairo and another hospitality and serviced apartments project in North Coast.
The launch of two new projects raises the value of the company’s sales targets, as it plans to reach its sales to EGP 2bn in the current year, Khattab concluded.
