Cairo – Mubasher: Orascom Development Egypt will implement the first phase of the Makadi Heights project located on Makadi Bay in the Red Sea Governorate at EGP 3 billion in investments.
Spanning a million square metres, the first phase of the project will feature 3,000 units spread over 400,000 metres. Sales for this phase will begin on 14 April 2018, Orascom Development CEO Khaled Bichara added.
The Makadi Heights project as a whole extends over 3.7 million square metres and is 70 metres above sea level, according to local newspaper Al Youm7.
The Egyptian real estate developer had previously reported turning a profit in 2017 with a net profit of EGP 391.9 million, against a net loss of EGP 499.4 million in 2016, including minority shareholders’ rights.
Meanwhile, revenues grew to EGP 2.6 billion last year from EGP 1.455 billion in 2016.
