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Egyptian low-income housing projects

Felucca on Nile, Luxor
Region: Egypt
Created: May 08, 2010, modified: Jan 13, 2012, overall rating: 0.000

ORASCOM DEVELOPMENT HOLDING (ODH): The company's economy housing unit, Orascom Housing Communities (OHC), said it is seeking to buy land in Luxor for a low-income housing project.

OHC is in talks to purchase a 120 feddan plot in the southern city of Luxor and another 560 feddans in the nearby village of Esna, Omar Elhitamy, managing director of the firm, told Reuters.

"There is a huge need and a huge opportunity for this kind of business," he said Wednesday, adding that the firm's flagship Haram City has 11,000 finished units and has sold 9,000 out of the 50-70,000-unit project.

The company revealed last week that it is building a LE2 billion low-income housing project in the southern province of Qena.

More ODH related news came earlier in the week with the company buying a 4.5 per cent stake in Egyptian Resorts under a plan to jointly develop resort property on the Red Sea.

ODH's subsidiary, Orascom Development and Management (ODM), signed a nine-year agreement with Egyptian Resorts (ERC) to develop 2.5 million square metres of ERC property around the existing Sahl Hasheesh resort.

A joint statement from the two companies said development would include a marina, more than 4,000 hotel rooms and 2,500 residential units, expected by the end of 2012.

Al-Ahram Weekly

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