El Attal Holding has continued to offer discounts on its Park Lane Compoundhood, located in the New Administrative Capital (NAC), according to Chairperson Ahmad El Attal.
El Attal noted that this comes despite the serious economic effects of the novel coronavirus (COVID-19) pandemic, which has had a great impact on Egypt’s economy in general.
He added that the real estate sector has been one of the sectors most affected, although it also remains one of the most cohesive sectors in times of crises.
El Attal added that property is one of the most secure investment havens open to investors, particularly as it preserves its value. He noted that the real estate sector is one of the few to come out of every crisis as powerful and profitable.
In recent times, this sound investment has been particularly emphasised given the depreciation of the US dollar against the Egyptian pound at the beginning of the crisis. The Central Bank of Egypt’s slashing of interest rates has also contributed to the real estate sector’s strong position.
He pointed out that purchasing in times of crisis is the best type of opportunity for those who want to ensure real investment.
El Attal Holding was able to overcome a decline in sales during the pandemic’s peak months, due to its adapting its marketing plans from the beginning.
This was represented by the company’s continuous communication with customers through modern technology, ensuring sales continued online, and providing distinguished online offers, he elaborated.
Moreover, El Attal Holding has continued its offers of discounts on its NAC project, Park Lane Compoundhood, which the company launched at the start of the pandemic. This occurred at the same time as the Cityscape Egypt exhibition’s original date, but which was postponed on account of the pandemic.
El Attal revealed that 28% of unit ownership in the Park Lane Compoundhood development are now held by foreign investors.
He pointed out that construction work on the project and the time plan set by the company have not been affected by the coronavirus pandemic. This means that the project will be delivered according to the schedules already in place, and agreed upon with clients and the Administrative Capital for Urban Development Company (ACUD).
El Attal emphasised that his company has undertaken all precautionary measures for all workers at the construction site, providing them with medical care throughout the day.
He pointed out that the company places great importance on preserving the health and safety of its employees, and stressed that the company has also implemented protection measures for its customers. This has seen the company pursue the daily sterilisation of company premises, distributing disinfection and sterilisation equipment, and reducing the number of employees present on site through a rotation schedule.
Additionally, El Attal Holding has provided the technological capabilities for remote interactions with customers through, which achieved a satisfactory sales rate. It has also provided all information and updated video clips on its NAC project through its online platforms.
El Attal highlighted that the coming period will see a technology revolution across all sectors in the company, with the transition set to be undertaken quickly. The move towards a digital transformation across the company has become an inevitable necessity given the recent circumstances.
Commenting on the changing buyer behaviours during the recent crisis and the ability to adapt to these changes, El Attal confirmed that buyers have now become more selective and thoughtful before making a purchase decision. This change in thought processes is particularly relevant to projects that are still under construction.
”This matter did not concern us due to the company’s reputation with customers, and its commitment to deadlines of deliveries under any circumstances, as well as its 70-year long history in the market,” El Attal said, “Over and above this, we noticed during the crisis that commercial, administrative and medical units inside our administrative project, The Pavilion Mall New Capital, were the most in demand, which proves the buyer desire for long-term investments, and as a result the company has made special offers on these units.”
He added, “Egypt’s real estate market has begun to recover since the beginning of July, as the result of the gradual return of life to normal after the COVID-19 outbreak.”
“Furthermore, I expect that property market activity will continue and that sales rates will reach their full potential during the coming period, as a result of controlling the pandemic and the crisis completely receding, especially as we are now accustomed to dealing with it,” El Attal said, “The real estate sector is characterised by many attractive investment opportunities, especially in new cities, on top of which is the NAC, which is now seeing real achievements on the ground.”
He disclosed that, since the beginning of July, purchase rates at the Park Lane Compoundhood have increased, especially with the introduction of a new phase in the project, entitled Serenity Lane.
The latter project is one of the most distinctive areas in the heart of the Park Lane project, which comprises pedestrian only lanes amidst stunning nature, dazzling views, fresh air, and areas for exercise. Unit areas range from 110 sqm to 215 sqm, with special offers and payment plans in place to suit all customers.
