Budet Housing Communities
During the last quarter of 2006, we launched our budget housing subsidiary Orascom Housing Communities (OHC), a company strategically focused on developing affordable housing within large sustainable and fully integrated townships in Egypt, regionally and internationally.
OHC was established as a partnership between Orascom Development, Blue Ridge Capital (USA) and Equity International (USA). We hold 69.7% stake in OHC.
Building Better Communities
The company's commitment to the community is ingrained in its business model. Therefore, each project is built from scratch, developing barren land from the ground up and providing all infrastructures which include roads, electricity, sewage and water. In addition to housing construction, OHC builds facilities such as schools, hospitals, stores, cafes, malls and sporting clubs which are incorporated in the master plan as an integral part of the project. The company’s role extends to include the management of the township which encompasses routine maintenance, waste management and security service. .
OHC is therefore, not merely a developer that provides housing, but a corporate citizen that creates fully integrated communities. As such, the company ensures that every township is self-sustained and this is realized through the creation of employment opportunities which include commercial and simple industrial activities.
OHC works with mortgage finance providers, whether banks or mortgage companies, to design the best financial products which cater to their target market with the minimum possible down payments and monthly installments.
Projects in Egypt
Haram City is OHC's flagship project launched in May 2007 as the first integrated affordable housing town in Egypt. The township, strategically located in 6th of October- 20 km west of Cairo, is built on approximately 8.4 million square meters of land.
Upon completion, Haram City is expected to host between more than 50,000 units. OHC developed the township's infrastructure including electricity, networks, water and sewage, and roads. Moreover, the community's facilities are almost complete and comprise schools, clinics, stores, a mall, a cinema, a sporting club, houses of worship and an office area.
Haram City also hosts two rehabilitation centres for homeless children (Ana El Masry and Banati) and two socially driven companies that match the city’s vision and sustain its core values (Ertiqaa’ and Malaika).
The first residents moved into their homes during the last quarter of 2008. Today Haram City is home to more than 5,000 families.
Al Fayoum project located on the outskirts of Al Fayoum governorate, approximately 100 km south of Cairo. The project spans on a total surface of 2.1 million square meters.
International Projects
Building on the successful business model used in Haram City, OHC allocated 2.5 million square meters in Constanta, Romania’s major harbor on the Black Sea, to develop budget housing communities.
