Chic Chalet Residences Available in Swiss Alps

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(ANDERMATT, SWITZERLAND) -- With the 2011-2012 winter ski season on the horizon one destination that is already turning heads and setting snow aficionados a flutter is the brand new Andermatt Swiss Alps found in a steep alpine valley at the crossroads of Switzerland.

Destined to become one of Europe's most stylish luxury, Andermatt Swiss Alps is being developed to deliver a range of architectural masterpieces in the form of chalets, apartments and hotels serviced by every conceivable on-site amenity from spas to restaurants, boutiques to bustling bars.

According to Samih Sawaris, founder and chairman of Orascom Development Holding, also responsible for El Gouna in Egypt, the vision for Andermatt Swiss Alps is "to create a leading sustainable destination that will become a benchmark for luxury resorts in Europe offering the finest array of luxury facilities and accommodation in one of Switzerland's most spectacular valleys."

Andermatt Swiss Alps is also currently in negotiation with SkiStar to transform Andermatt into one of the most modern ski arenas in Europe. SkiStar are owners and operators of alpine destinations in Sweden and Norway whose vision it is "to create memorable winter experiences as the leading operator of European alpine destinations."

Andermatt plans to work with them to link existing village pistes, renowned for their powder, with neighboring resort Sedrun to deliver 130 kilometers of both challenging and family terrain. These pistes will be serviced by a state of the art lift system and will promise visitors and owners an exhilarating ski experience. Investments amounting to approximately CHF 140.8 million are planned.

Veteran Olympic, World Cup, and World champion downhill skier Bernhard Russi was born in Andermatt and is an avid advocate of its pistes.

"The ski slopes of Andermatt are where I first learned to ski and where I perfected my downhill technique," Russi was quoted as saying. "They are perfect for both beginners and experienced skiers to enjoy and are surrounded by some of the most beautiful scenery imaginable. The expansion with Sedrun will serve to enhance the already exemplary skiing and will turn Andermatt Swiss Alps into a leading international ski destination."

For those less allured by the snow, Andermatt Swiss Alps will offer a host of other year-round activities to tempt owners to return every single season including 35,000 square meters of retail space, diverse sports and leisure facilities, a concert hall for up to 700 people, an 18-hole golf course as well as cycling, climbing, canoeing and white water rafting opportunities close at hand.

The first properties and impressive hotel The Chedi Andermatt will be delivered in time for the 2013 winter season while the 18-hole golf course will be finished for summer 2013. Pre-completion prices are currently available for the first four apartment houses as well as residences within The Chedi Andermatt.

Prices in residential buildings Hirsch, Steinadler, Murmeltier and Steinbock are currently available from approximately $19,700 per square meter. Residences at the inaugural hotel The Chedi Andermatt are available from approximately $1.8 million Swiss Francs or $2.3 million.

Orascom Development is a leading developer with a strong foothold in Egypt and the Middle East and over 18 years of experience. Andermatt Swiss Alps is Orascom Development's first project in Europe.

The group has secured and is in the process of securing large tracts of land in untapped yet attractive locations with significant potential, including developments under way in Jordan, Oman, United Arab Emirates and Morocco.

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