Orascom Development Holding AG
Orascom Development Holding AG: Launches the first phase of Eco-Bos in Cornwall, UK
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Press Release Orascom Development Holding AG (ODH) Launches the first phase of Eco-Bos in Cornwall, UK Altdorf, 4 November 2019 – Orascom Development Holding commences the development of its first project in Eco-Bos Developments Limited in Cornwall, UK after demonstrating its financial viability, identifying sources of finance and being awarded the necessary development permits. ODH is planning to launch the first phase of the West Carclaze Garden Village (WCGV). WCGV is a mixed-use residential development principally targeting local, primary homebuyers. It includes a total of 1,500 -1,800 homes built around extensive green areas and lakes for recreation, a 420-place primary school, an office park, a “village center” with a mix of retail, F&B and community service buildings as well as a 7-megawatt solar energy farm. This first phase uses 196,604 m2 out of the total land bank under option of over 6.5 million m2. The project has been designated a “Garden Village” as well as an “Eco-Town” by the UK Government and is under consideration for a “Healthy Town” designation by the National Health Service (NHS). These accolades are all related to initiatives supported by the UK government in the context of its long-term plan for providing mass housing to meet huge demand while promoting principals of affordability, sustainability and healthy living. Eco-Bos’s success in achieving these designations for WCGV allows it to enjoy not only significant prestige and increased market visibility but also significant government support including some concessionary funding. This land bank allows Eco-Bos to plan the development of a multitude of projects over the next two decades strongly helping to achieve ODHs strategic objective to diversify into the relatively stable and attractive market for European first homes while having positive cash flows and consolidated profits from an early stage. The highlights of this phase include: – Total land area being developed is 196,604 sqm. – Total number of residential units is 270 in the form of detached and attached homes as well as apartments. Key development milestones for this phase include: – Breaking ground in February 2020. – Launching bulk sales in June 2020 and retail sales in February 2021. – Delivering the phase by Third Quarter of 2024. Key Financial highlights of this phase include: – Total expected sales ca. £79mn (ca. CHF 101mn)*. – Destination will be cash flow positive and profitable in 2022. – Estimated cumulative losses before turning into profits, are within the range of ca. £1.0mn – £2.0mn (ca. CHF 1.3mn – CHF 2.6mn)* until 2022 A highly qualified executive team has been appointed to manage Eco-Bos. It is headed by Maher Maksoud who joined as CEO in November 2018. Maher has almost 30 years of Real Estate Development experience most relevantly 10 years as Vice President of ODH (then OPTD) during the company’s very early days in the 90s and, more recently, 8 years as Vice Chairman and CEO of SODIC during which time he oversaw its transformation into one of Egypt’s most respected and successful, publicly listed real estate companies. Since his appointment Maher has retained an efficiently sized but high qualified team of managers and executives combining international industry experience with local UK/Cornwall know how appropriate to the delivery of Eco-Bos’s anticipated project pipeline. About Eco-Bose Development Limited About Orascom Development Holding (ODH): End of ad hoc announcement |
Language: | English |
Company: | Orascom Development Holding AG |
Gotthardstraße 12 | |
6460 Altdorf | |
Switzerland | |
Phone: | +41 41 874 17 17 |
Fax: | +41 41 874 17 07 |
E-mail: | ir@orascomdh.com |
Internet: | www.orascomdh.com |
ISIN: | CH0038285679 |
Valor: | A0NJ37 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 903207 |
End of Announcement | EQS Group News Service |