By: Abdullah Bedeir

Cairo – Mubasher: El-Attal Holding is planning to invest EGP 11 billion in three residential projects within the coming three years in the New Administrative Capital (NAC), New El Alamein, and Ain Sokhna, the company’s chairman Ahmed El-Attal told Mubasher on Tuesday.

El-Attal added that the company’s project in the NAC would cost EGP 3.5 billion and was expected to generate EGP 5.5 billion.

Park lane New Capital will include 1,100 residential units and will be completed in three phases within two and half years, the top official added.

The Egypt-based developer is planning to launch New El Alamein residential project in June on 50 feddans, with investments ranged between EGP 3.5 billion and EGP 4.5 billion, El-Attal revealed, noting that the project was expected to generate EGP 6 billion in sales.

New El Alamein project includes 3,500 units and is expected to be completed within three years, the chairman remarked.

In September, the company will launch a new project in Ain Sokhna on 21 feddans with total investments of over EGP 2 billion and estimated sales of more than EGP 4 billion, El-Attal said.

The top official maintained that his company would finance these projects through its resources, adding that it might resort to banks for finance but not for the time being.

El-Attal Holding is in talks with the Egyptian government to execute housing projects for lower-middle and middle-income people, which are expected to be wrapped up before the end of April, he added. 

Supported by the government, the real estate sector is the top sector in Egypt, El-Attal announced. 

The chairman forecast that property prices would increase by a range between 15% and 20% during 2019.

Translated by: Muhammad Abdul-Wakeel