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Thndr Claps » EGY Claps » Real Estate 🏡 » Orascom Development Ordered to Reduce Land Size of Makadi Heights⚖

Orascom Development Ordered to Reduce Land Size of Makadi Heights⚖

by Shams Abbas
January 26, 2022

Orascom Development’s (ORHD) subsidiary Makadi Heights received a letter from the Tourism Development Authority notifying it to reduce its area of ​​land allocated for development from 3.75 million square meters to 2 million square meters.

More Details🧐 The reduced area of land represents 3.5% of ORHD’s total owned land area (50.25 million square meters as of the end of 2021).

According to a disclosure to the EGX, ORHD stated that Makadi Heights purchased the land according to an official allocation decision from the Egyptian government in 2009, & paid the price of the land in full.

Why is this Important🤔 ORHD added that all phases of the project that have been sold & recently launched are located within the ​​unaffected 2 million square meter area, meaning that customers’ purchases are protected.

ORHD will be appealing the decision, & “will continue to update its shareholders and the market on any relevant developments as they occur.”

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