Sawiris is selling apartments in Andermatt like never before

150 million francs raised

Sawiris is selling apartments in Andermatt like never before

Samih Sawiris (65) is known for his lucrative investments. In 2022 he took in CHF 150 million from the sale of real estate in Andermatt. The billionaire wants to invest another 500 million in the next few years.

Andermatt Swiss Alps sold properties for CHF 150 million last year. That is a new record! The company of the Egyptian investor Samih Sawiris (65) also wants to invest heavily in the current year.

A total of 70 apartments were sold in Andermatt in 2022, as the company announced. In the previous year there were still 90 objects. But since the average square meter price could be set 12 percent higher, property sales climbed from CHF 122 million in the previous year to CHF 150 million. The price per square meter has risen by more than 50 percent within ten years.

Big plans for Andermatt

It is said that 650 of the 665 holiday apartments that have been completed or are under construction in the new part of the village of Andermatt-Reuss have already been sold. The expansion of the infrastructure with 230 parking spaces, which was completed last year, enables the expansion of a further 15 apartment buildings.

Among other things, the start of construction work for a new lifestyle and sports hotel is planned for this year. A new shopping mile is to be opened by the end of 2024. In addition, cooperation with Swiss restaurateurs for the operation of new restaurants would be sought.

150 million investment from the USA

The group also expects impetus from the expansion of the Andermatt-Sedrun-Disentis ski area. Last year, the US company Vail Resorts, which operates the ski resorts of Vail and Bever Creek in Colorado, among other things, acquired a majority stake in the operating company. In return, 150 million from overseas are to flow into the Gotthard region for new pistes, lifts and snow-making facilities as well as additional restaurants and leisure activities. There is also heavy investment in other Swiss ski resorts.

Since the project started 15 years ago, Andermatt Swiss Alps has already invested 1.3 billion Swiss francs, with another 500 million to follow. The majority of the company is privately owned by Samih Sawiris, 49 percent belongs to the listed company Orascom DH. (SDA/shq)