ALTDORF, Switzerland and CAIRO, Egypt, September 26 /PRNewswire/ -- Orascom Development Holding AG (Orascom Development) today held its ground-breaking ceremony marking the start of construction of the Andermatt resort, the first integrated holiday resort in the alps. During this first development phase, the Chedi hotel, basic infrastructure as well as an 18-hole championship golf course will be built. It is expected to be operational by winter 2013/2014. Total investments for the entire project will be in the excess of CHF 1 billion and comprise of six hotels with 844 rooms, 490 apartments, 20-30 villas as well as considerable infrastructure and leisure facilities (golf course, sports centre, conference centre and concert hall, modernized ski installations). Sales of the real estate units are due to commence this autumn.
The Andermatt project is designed to the highest ecological standards and targets to be operated on a carbon-neutral basis. Furthermore, the centre of the resort will be totally car free to reduce emissions and pollution. Additional sustainable solutions will be achieved by environmental friendly construction processes, the creation of approx. 1000 new jobs and the long-term commitment of Orascom Development to the successful realization of the project.
This milestone was reached in a short period of time and without objections. This is evidence for ongoing support from the local community as well as close cooperation with NGO's and environmental associations as well cautious planning by Orascom Development.
Graphical material can be downloaded at http://www.andermatt-swissalps.com and photos of the ground-breaking ceremony will be downloadable as of Saturday evening at http://www.photopress.ch/image/Aktuell/September+09/Spatenstich+in+Andermatt.
About the Chedi Andermatt:
The construction permit for The Chedi hotel - which has been granted in mid-September 2009 - was completed in a record period of two months.
The luxurious 5-star hotel will be built on a total area of 28,000 sqm and is expected to cover more than 50,000 sqm built-up area. The luxury hotel will offer 50 hotel rooms, 70 condominiums including six penthouses within the hotel building, 49 residences including seven lofts adjacent to the hotel, two restaurants, a lounge, several bars & pubs, and last but not least an exclusive wellness area with a state-of-the art health center. The Chedi Andermatt architectural and interior designs were designed by "Denniston International Architects & Planners, Ltd". The hotel will be operated by "GHM General Hotel Management, Ltd.", an international hotel operator that is known worldwide for its consistent standards of luxurious quality, exclusivity and outstanding personalized services.
About the Group
Orascom Development Holding AG (Orascom Development) is a leading developer of fully integrated towns that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of projects is spread over seven jurisdictions, with primary focus on touristic towns and recently affordable housing.
Orascom Touristic Establishments (OTE) was established in1989 setting the first step in building the Group's track record in the development of integrated towns. After some name changes and reorganization, the main business was held under Orascom Hotels & Development (OHD). Since the settlement of the public exchange offer by Orascom Development for OHD, Orascom Development became the new parent of OHD. Orascom Development has a dual listing, with a primary listing on the main board of the SIX Swiss Exchange (Switzerland) and a secondary listing on the EGX (Egypt Stock Exchange). The company's shares are fully fungible (with the same ISIN code) and can be traded on both stock exchanges in Swiss Francs.
Today, Orascom Development operates in seven jurisdictions (Switzerland, Egypt, Oman, Morocco, UAE, Mauritius, Jordan) and is continuously seeking development opportunities in untapped yet attractive locations all over the world. The Group has four existing projects: El Gouna, the flagship project, a fully-fledged town on the Red Sea coast (Egypt). Taba Heights, on the Sinai Peninsula (Egypt), is the Group's second tourism destination following El Gouna's business model. The Cove (Ras Al Khaimah, UAE) is the Group's first development experience outside Egypt. Haram City, an integrated town dedicated to affordable housing in Egypt, catering for the mass population.
For further information, please contact: Orascom Development Holding AG Mamdouh Abdel Wahab Director Investor Relations Tel: +41-79-846-55-60 +20-12-315-32-00 Email: ir@orascomdh.com Swiss Media Office Franz Egle Tel: +41-79-419-79-66 Email: media@orascomdh.com
Orascom Development Holding AG
For further information, please contact: Orascom Development Holding AG, Mamdouh Abdel Wahab, Director Investor Relations, Tel: +41-79-846-55-60, +20-12-315-32-00, Email: ir@orascomdh.com; Swiss Media Office, Franz Egle, Tel: +41-79-419-79-66, Email: media@orascomdh.com
