launches two new projects, one of which is completely new to Egypt’s property market
Mohamed Khattab
The launch of the two projects raises our target sales value to EGP 2bn in 2023.
Our project in Ain Sokhna will be a surprise to property market and will include new products on the entire market.
The previous business and ambitious plans are strong elements of success that support the company’s expansions.
The company has begun constructions of the two projects before offering them to customers, which reflects the strength of Orbit’s financial solvency.
Based on its previous strong and distinguished businesses, Orbit Developments announced the launch of two innovative projects with investment returns amounting to approximately EGP 4.5bn. One of these projects is located in Hurghada and the other in Ain Sokhna. The latter is considered the company’s surprise to the entire real estate market.
In press conference, CEO of Orbit Developments Mohamed Khattab said that the company is one of the largest companies that has a strong business precedent in tourism projects in various areas in Red Sea and elsewhere.
Khattab added that Orbit launched the two projects based on this promising experience and within its ambitious expansion plan.
With regard to the details of the two projects, he explained 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 located 15 minutes away from Hurghada International Airport, and only 5 minutes by car from one of the company’s hotels facing the beach, Gravity Hurghada, where the privileged location close to vital areas and road network is one of the elements that enhance the competitiveness of the project.
Platinum Hurghada is 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 constructions has begun 6 months ago, which reflects the company’s a strong construction plan based on strong financial solvency.
Khattab further noted that a large part of the concrete structure of the project was completed before starting offering the resort. This provides a unit that can be inspected before purchasing it, as well as, reflects the development of a real estate product that attracts the interest of customers. The project will start to be delivered by the end of 2025, and it is planned to sell the project over 4 phases.
He went on saying, “We target around EGP 500m from the first offering of the project. Accordingly, we have carefully conducted a marketing plan to take into account the absence of a gap between selling prices and construction costs.”
Moreover, the company plans to cooperate with powerful entities in all project development phases, accordingly, 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. Henceforth, strong management has become one of essential elements in successful projects that owner company wants to preserve its architectural and investment value.
Besides, contracting with the largest operators and service providers, the Platinum Hurghada features competitive advantages as it includes large commercial areas that can accommodate famous brands, cafes, restaurants, and administrative offices. Furthermore, the resort includes studio units, one-bedroom apartments, and two-bedroom apartments, so that owners can benefit from the ideally designed apartments in the project.
As for the second project that the company revealed during the press conference is Mall Al Sokhna, which is located at the 49th kilometer of Al-Zafarana Ain Sokhna Road. In this regard, Khattab elaborated that the company has chosen a distinguished location for the project that maximizes its competitive advantages because the distinguished location is the first step towards the success of the project and achieving the highest investment returns from it.
He added that the project is 15 minutes away from Galala University, 20 minutes from Zaafarana Road, and only 20 minutes from Ain Sokhna Port.
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 worth approximately EGP 2bn and will be marketed in 3 sales phases, he explained, pointed 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 operated in mid-2025.
Additionally, the mall aims to attract tourists and customers for a unique and unconventional experience, full of luxury and interesting in the largest gathering of international restaurants with panoramic sea views, and a number of distinctive brands in field of restaurants and cafes.
Commenting on the company’s upcoming projects, Khattab revealed that Orbit Developments has an ambitious expansion plan that allows it to benefit from its accumulated expertise and qualified human cadres. Therefore, the company 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.
He concluded, “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, in light of the excellence of offered real estate products, in addition to introducing new units in the company’s existing projects.”
Orbit has a strong previous businesses in different coastal areas as the company succeeded in developing a bunch of distinguished tourism projects, most notably Ocean Breeze, Ocean Breeze Sahl Hasheesh and Sungate Sahl Hasheesh. In addition, the company has succeeded in selling about 80% of its projects in the Red Sea to foreign clients outside Egypt, where the company is one of the pioneers in real estate export, and has worked to benefit from the presence of its projects in an area with high demand from foreign clients. The company owns units 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.”