Orientals for Urban Development (OUD) is launching an integrated tourist resort on an area of 50 feddans in the North Coast in 2018, according to Mohamed Mohamed Farid Khamis, owner of OUD.
Khamis told Daily News Egypt that the company is interested in obtaining plots of land offered by the New Urban Communities Authority (NUCA) through partnership system, within the framework of the expansion plan of the company to inject new investments.
Khamis noted that the company is studying acquiring plots of land offered through other mechanisms, such as the advertised price and the bidding of closed envelopes.
Khamis noted that the company is close to the completion of the procedures for the issuance of licences for the project and is preparing designs.
He pointed out that the company is keen to implement a residential tourism project suitable for different segments of customers, especially to the most demanding: the middle class.
“The project offers units that are less than 80 sqm in area. The unit will be offered at a competitive price ranging from EGP 800,000 to EGP 900,000,” said Khamis. “The current economic conditions and the latest changes necessitate the companies to review unit sizes to maintain demand and meet the needs of customers.”
He revealed that the company contracted the consulting firm to design the project and will be implemented on terraces so that all units have a view of the sea.
He noted that the project extends 350 metres along the sea, adding that the company aims to deliver the units of the first phase within two years from the start of the construction work.
OUD has recently launched the marketing phase of Baron Royal Towers, which is located directly on the ring road, which is an 11-storey, all purpose building (residential, commercial, administrative).
The residential part was offered at a price that starts from 9,500 per square metre with a 20% down payment. The units were delivered without finishing.
The company is carrying out several projects, including Heliopolis Hills in Obour, Korba Royal Residence in Heliopolis, Baron City in Ring Road, Oriental Coast in Marsa Alam, City Hotel in 10th of Ramadan, LaPlaya Beach Hotel and Resort in Marina North Coast, Baron Mall in Katameya, and Side Walk Mall in New Cairo.