Orascom Development Egypt (ODE) announced on Monday that it sold a significant amount of land in its El Gouna master plan on the Red Sea coast for 1.54 billion Egyptian pounds ($32 million), according to a press release issued by the company.

The plot, located at the edge of El Gouna's developed area, was sold for nearly 15 times its book value, which was EGP101 million. The buyer was not disclosed, but the press release noted that the sale price translates to $225 per square metre.

The El Gouna project spans a total area of 37 million sqm.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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