The Clap:
Orascom Development Holding has sold a plot of land spanning over 145.2k square meters in El Gouna at a value of EGP 1.54 billion, according to an EGX disclosure.
The details:
The land was sold at about 15 times of its book value, signaling the property’s net worth to come at about EGP 101 million.
Remember:
Orascom Development’s revenues increased 41.4% to EGP 4.2 billion in Q1 2024, with real estate revenues contributing EGP 2.8 billion, and segments which include hotels and commercial assets were attributable for EGP 1.3 billion. The company plans to deliver about 1800 units this year.
