Andermatt Swiss Alps AG

Andermatt Swiss Alps Continues to Develop Dynamically in 2012

Altdorf/Andermatt (ots) - The development of the Andermatt Swiss Alps tourist resort continues to progress in leaps and bounds. Further important construction phases are planned for 2012 including the building of the first villa, the first apartment building and the Golf Clubhouse as well as final façade work on the 5-star hotel The Chedi Andermatt, completion of the 18-hole golf course and further development of the new village centre on the Podium. The projected investment for 2012 is CHF 115 million. Considerable progress was also achieved in 2011, both in terms of construction and investment, with sales and reservation contracts totalling CHF 103 million.

2012 will be another important year for the development of the Andermatt Swiss Alps tourist resort with work across its various construction sites continuing. At the luxury hotel The Chedi Andermatt, finishing touches will be made to both interior renderings as well as the external façade ahead of its official opening in December 2013. At the 18-hole on-site golf course, landscaping work and construction of the Golf Clubhouse will also take place. The course will be finished in the second half of 2012 and transferred to the operator, Andermatt Swiss Alps, where it will be used for test rounds in 2013 before officially opening to the public in 2014. General contractor work continues to include flood protection, roadworks, water, heating and power supply infrastructure.

2012 will also see construction begin on the first apartment building on the 46,000 m2 Podium site as well as the first chalet, both of which will be completed by the end of 2013. In total, CHF 115 million of investment is planned this year.

Managing Director of Andermatt Swiss Alps AG also explains that an agreement on the development of the Andermatt-Sedrun Ski Arena is expected: "The stakeholders, under the direction of the Uri government counsellor Isidor Baumann, will come to an agreement about the final details of the development plan this year, so that the new installations can go into operation in winter 2013-2014."

In the coming months, a group of representatives from the Andermatt community and Andermatt Swiss Alps will analyse the infrastructure for the facilities open to the public in the common areas, such as the public transportation terminal, multi-purpose hall, and the sports centre. Decisions on this infrastructure will be taken during the second half of the year.

2011: Successful Construction Season and Satisfactory Sales

Construction work remained on schedule in 2011 with the completion of the shell of the hotel The Chedi Andermatt achieved in November. Since then interior work has been underway. The highlight is the new mock up hotel room, which gives prospective buyers a first impression of the design, style and amenities available to owners and guests in the new 5-star hotel.

Considerable progress was also achieved across other building sites. One-third of the initial construction work on the car free village Podium has been completed where most of the resort will be located. Meanwhile excavation works at the 18-hole golf course were finished, a dozen water features were positioned, the fairways and greens were seeded and the irrigation system was installed. Ongoing work to general infrastructure was also carried out.

Despite a robust Swiss franc, uncertain economic climate and discussions surrounding the development of the ski area in Andermatt, sales and reservation contracts amounting to CHF 103 million were finalised in 2011 (sales: CHF 72 million; reservations: CHF 31 million). Gerhard Niesslein, CEO of Orascom Development Holding AG, is nevertheless satisfied with the sales result: "In the face of a difficult situation, this is an exceptional result." Until now, customers come mainly from Switzerland (60%) followed by the Middle East (20%), Great Britain and Germany (6% each), and the rest of Europe (8%). To date, new reservation contracts amounting to CHF 22 million have been finalised in 2012.

Andermatt Swiss Alps AG

Andermatt Swiss Alps is the largest integrated year-round holiday destination currently under development in the Alpine region. The complete project will include six 4 and 5-star hotels, 490 apartments in 42 buildings, around 25 villas, 1970 parking spaces, 35,000 m2 of commercial space, a sports and recreation centre, a convention and concert hall for 600 guests and an 18-hole golf course. As part of the development of the resort, the ski area between Andermatt and Sedrun will be modernized and integrated into a single concept.

Andermatt Swiss Alps AG is a wholly owned subsidiary of Orascom Development Holding AG (ODH), which is quoted on the SIX Swiss Exchange. For further information, please visit www.andermatt-swissalps.ch .

Information and Images

Information and images Andermatt Swiss Alps:

http://www.andermatt-swissalps.ch/Media-Releases.46.0.html?&L=1

Images mock up room at the hotel The Chedi Andermatt:

http://www.presseportal.ch/go2/The_Chedi_Andermatt_engl

Contact:

Alain Gozzer
Head Communications
Andermatt Swiss Alps AG
Gotthardstrasse 12
CH-6460 Altdorf
Tel.: +41/41/874'17'81
Mobile: +41/79/963'11'60
E-mail: a.gozzer@andermatt-swissalps.ch



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