Ahmed El Attal: The Company Is Preparing to Begin Construction of the ParkLane Project.

Eng. Ahmed El Attal, Chairman of EL ATTAL HOLDING, confirmed that the company has begun discussions regarding the construction works to be carried out for its ParkLane project in the New Administrative Capital. The company is awaiting the issuance of the project’s ministerial decree in the coming days, following which construction of the first phase will begin. In statements to Hapi Journal, El Attal explained that the company had completed the modifications requested by the New Administrative Capital Company’s consultant and submitted them, pending the ministerial decree. He added that the company had prepared a plan through its affiliated contracting company to immediately commence construction works once the decree is obtained. El Attal noted that the company held a meeting the previous Saturday to finalize all details related to the construction works planned for the coming months. The company intends to accelerate execution in order to overcome any potential challenges resulting from rising costs, as part of its plan to maintain current prices without increases in the coming period. The company is targeting contracted sales of EGP 1.5 billion by the end of the year for ParkLane, its first project in the New Administrative Capital. According to El Attal’s statements the previous month, the group launched the project’s third phase, “Promenade View,” in early July, offering a variety of units ranging from 90 to 180 square meters. El Attal stated that ParkLane had achieved strong sales since its launch in February, noting that the first and second phases had been completely sold out. The company had subsequently launched the third phase, Promenade View, one of the project’s most distinctive areas. The company plans to launch only three phases during 2019, targeting total sales of EGP 1 billion, with a fourth phase scheduled for 2020. Total investment in ParkLane is estimated at EGP 4 billion, while overall targeted sales for the residential component are approximately EGP 3.5 billion, including EGP 1.5 billion targeted during the current year, in addition to the commercial component. In February, ELATTAL HOLDING announced plans to invest EGP 12 billion in three residential projects during the year, including its first real estate development, ParkLane in the New Administrative Capital, as well as two other projects in New Alamein and Ain Sokhna. ParkLane represents the company’s first real estate investment in the Egyptian market, while the group has previous experience in the sector across several international markets, most notably Malaysia and Brunei. El Attal explained that ParkLane was expected to be fully completed within two and a half years, across three phases. The company also plans to develop a tourism project in New Alamein on the North Coast during the second half of the following year, spanning 50 acres with estimated investments of approximately EGP 5 billion. In addition, the company plans to develop another tourism project in Ain Sokhna with initial investments estimated at EGP 3 billion. He further noted that residential unit prices were expected to increase by approximately 15% to 20% in the coming months as a result of rising fuel prices. He emphasized that real estate companies should address these cost increases by diversifying their residential offerings to meet the needs of different segments of society.