El Attal Holding is currently studying an offer to partner with the Administrative Capital for Urban Development (ACUD) company to develop a second project at the New Administrative Capital (NAC).
As part of this, several meetings have been held between the two companies to choose the best opportunities for that participation, Chairperson Ahmed El Attal has revealed.
El Attal added that the company intends to develop a project through three shapes of partnership with the ACUD. The first is developing a project in the NAC’s first phase, with the second set to develop a distinguished project in Media City, alongside a project in the second phase of the NAC.
He revealed that the company is waiting for the price/sqm to be specified for a plot of land before it starts.
El Attal said that the company does not plan to borrow from banks, and aims to keep its projects self-financed, despite the offers it receives from some banks working in the Egyptian market.
Additionally, El Attal Holding is considering some investment opportunities on Egypt’s North Coast, El Attal said.
He added that the company is currently negotiating with some investors to develop a new project in the region, on an area of about 100 feddan, through a partnership system with investors.
It will showcase its latest project, Bayside in Ras Sudr, at the Real Gate Exhibition, which will be held from the 25-27 March.
El Attal pointed out that construction works for the project started in early 2020, with EGP 1bn in investments.
Bayside is being built on an area of seven feddans, and consists of 170 furnished, fully serviced- apartments and a 40-room hotel, with direct sea views available for all units within the project.
El Attal revealed that the construction works have been concluded, and that Bayside is currently going through the finishing phase.
He added that the company plans to start the project’s delivery phase during the fourth quarter (Q4) of this year, and is targeting sales of EGP 500m by the end of 2021.
Ras Sudr has witnessed major infrastructure developments in recent times, especially with the new roads and tunnels built under the government’s initiative to develop and revive the Sinai Peninsula.
This will significantly reduce the time required to travel to Ras Sudr, and will facilitate creating an exceptional investment opportunity, El Attal said. He added that it will also create a destination that attracts tourism to this area.
The fourth and final phase of the Park Lane Compoundhood has recently been launched, he also said, adding that the development is situated in the NAC as a mixed-use project that includes administrative and commercial units.
El Attal highlighted that 85% of the first phase, 95% of the second phase, and 90% of the third phase have already been sold at the project. Moreover, the company was also able to sell over 27% of this project to foreigners.
In addition, 50% of the construction in the first phase has been completed, and is set to be fully completed by the end of this year, along with 15% of the second phase. Construction for all four phases of Park Lane Compoundhood is expected to be fully completed by the end of 2023.
“We plan to deliver the first phase of the Park Lane project by the end of 2021 or early 2022 ahead of the schedule,” El Attal said, “Additionally, we eye delivering units of Bayside Ras Sudr within six months to one year.”
Park Lane is the company’s first project in the NAC, and has received EGP 4bn in investments. The project is built on an area of 27 feddans in the R7 area, and features a total of 1,100 units, including duplexes, penthouses and studios, along with administrative and commercial units.
El Attal Holding introduced Park Lane as the first modern urban community that brings Egypt’s authenticity and future ingenuity together. The company invested more than EGP 250m in construction work at the project over the past year, and has allocated a further EGP 150m to push construction works forward during 2021.
Attcon Construction, the company’s construction arm undertaking the development of Park Lane, has built a central mixing station with a production capacity of around 6000 sqm, to cover all of the project’s needs.
It is worth mentioning that Attcon, aside from building El-Attal’s projects, has achieved EGP 1.2bn in external contracts during 2020. It further aims to achieve EGP 1.5bn-worth of contracts during this year.
El Attal Holding is currently working towards establishing a new company to join their group and take over the management and leasing of the fully serviced apartments in both projects in Ras Sudr and the NAC.
El Attal said that the company has a facility management department under Attcon Construction that has already undertaken many projects for foreign embassies in Egypt.
He added that the company is working on restructuring this department to establish a new company projected to launch during Q2 of 2021.
