El Gouna recorded EGP 3.05bn in sales, Makadi Heights achieved 854.7m, while O West sales recorded 2.3bn in 9M 2021
Orascom Development Egypt (ODE), real estate sales rose to EGP 6.2bn in the first 9 months of 2021 (9M 2021), increasing by 43.4% compared to same period in 2020, the company revealed on Tuesday.
The company said that this further solidifies the company’s strong positioning in the industry and its ability to take advantage of the existing demand in the local market with its well-tailored products.
Makadi Heights, the company’s rising star destination on the Red Sea, continued to deliver excellent sales performance since the beginning of 2021. Net sales increased by 153.6% to EGP 854.7m from EGP 337m in 9M 2020.
While, O West, recorded EGP 2.3bn in sales for the 9M 2021, a growth of 43.9% compared to EGP 1.6 billion in 9M 2020.
9M 2021 vs. 9M 2020 Real Estate KPIs:
* Net sales value for 9M 21 includes 3 units sold in Fayoum for EGP 6.8mn (9M 20: EGP 15.6mn – 5 units sold).
* Land sales in 9M 20 includes EGP 104.2mn of land sales in Gouna and EGP 509.1mn in O West.
3Q 2021 vs. 3Q 2020 Real Estate KPIs:
*Net sales value for Q3 20 includes 2 units sold in Fayoum for EGP 4.4mn.
*Land sales in Q3 20 includes EGP 104.2mn of land sales in Gouna.
Meanwhile, the company’s hospitality segment started to improve during the second half of 2021, as vaccine deployment accelerated and lockdowns eased across the country.
In Egypt, as per the governmental decree, hotels increased their operational capacity to 70% since July 4, 2021. Orascom Development Egypt hotels in El Gouna and in Taba Heights have benefited from this uptick with occupancies for the 9M 2021 reaching 37% and 10% respectively and 52% and 22% for Q3 2021. The company also started receiving some charter flights from Germany and some Eastern European countries in El Gouna. Foreigners represented 35% of the total occupancy in Gouna during Q3 2021.
9M 2021 & 3Q 2021 Hotels KPIs:
| Occupancy % | ARR (EGP) | TRevPAR (EGP) | GOP PAR (EGP) | |||||||||
| Destination | 9M 2021 | 9M 2020 | 9M 2021 | 9M 2020 | 9M 2021 | 9M 2020 | 9M 2021 | 9M 2020 | ||||
| El Gouna | 37% | 28% | 1,496 | 1,212 | 733 | 477 | 270 | 47 | ||||
| Taba Heights | 10% | 13% | 539 | 467 | 82 | 96 | (56) | (104) | ||||
| Fayoum | 15% | 14% | 1,190 | 1,281 | 270 | 293 | (37) | 21 |
| Occupancy % | ARR (EGP) | TRevPAR (EGP) | GOP PAR (EGP) | |||||||||
| Destination | Q3 2021 | Q3 2020 | Q3 2021 | Q3 2020 | Q3 2021 | Q3 2020 | Q3 2021 | Q3 2020 | ||||
| El Gouna | 52% | 19% | 1,591 | 1,565 | 1,095 | 380 | 503 | 32 | ||||
| Taba Heights | 22% | 10% | 581 | 589 | 180 | 84 | (53) | (83) | ||||
| Fayoum | 14% | 10% | 991 | 741 | 225 | 123 | (102) | (122) |
