El Attal Holding intends to achieve contractual sales of EGP 1bn in Park Lane Compoundhood at the New Administrative Capital (NAC) worth EGP 1bn this year, including three marketing phases for the project, out of a total of four phases representing the whole project, according to the Chairperson, Ahmed El Attal.
El Attal told Daily News Egypt that the company will launch the second phase of the project during the Cityscape Egypt exhibition.
A number of offers will be presented during the Cityscape exhibition, including the provision of fully-finished units. Furthermore, the company targets achieving sales of EGP 150m during the exhibition, he noted, revealing his intention to increase unit prices by about 10% after the Cityscape exhibition.
El Attal said that the company has achieved about EGP 200m in sales of 110 units since the launch of the project in early March.
In late February, El Attal announced the launch of Park Lane Compoundhood with investments worth 4bn.
Park Lane Compoundhood spans over 26 feddan in R7 in the NAC close to the Swedish and British universities, as well as the diplomatic district.
The Park Lane project offers a new and different concept of housing to the Egyptian market. The project aims to create various residential communities and to bring about a new vision based on over 70 years of experience in the Egyptian market in the fields of contracting, construction, and design for a number of governmental agencies, diplomatic bodies, schools, hotels, and tourist villages in Egypt, the GCC and East Asia.
Furthermore, El Attal pointed out that the project comprises of 1,100 different housing units to meet all customer needs such as studios, duplexes, and penthouses, explaining that the whole project will be completed in two and a half years.
The competition between the companies located in the NAC is not based on the prices offered, but on the quality of the product and the trust in the company that the client contracts with, pointing out that his company has offered the square metre in the beginning of the launch for EGP 10,000 and then it reached EGP 14,500 per metre, he elaborated.
Additionally, he highlighted that the company is also considering having units with small spaces, to cater to the demand of university students whom the project may target, so that the client invests and rents them to students.
The project features European-style designs while preserving the classical character of Egyptian architecture in distinctive colours which will not be affected by climate changes, he explained.
“El Attal has begun the project’s earthworks and digging to initiate its implementation in July,” he disclosed. “The company pays great attention to increasing the project’s implementation rates without waiting for marketing percentages based on the company’s strong financial solvency, in addition for the need to accelerate implementation rates for delivery according to the deadline for customers in order to maintain the company’s good reputation in the market.”
He pointed out that the ministerial decision for the project is underway and called for accelerating the rates of the ministerial approvals for the projects being executed in the Capital to speed up implementation rates.
Over and above, he disclosed that the company intends to develop a tourism project in New Alamein city in the North Coast during the second half of next year on an area of 50 feddan, with an estimated investment of EGP 5bn.
El Attal noted that his company chose to launch Park Lane in the NAC due to the company’s belief in the importance of this mega national project, as well as confidence in the state to create sustainable urban communities, in addition to the economic feasibility of investing in this smart city.
Moreover, El Attal said he received a personal invitation to meet the King of Malaysia, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, to discuss the investment climate in Egypt, economic growth, and the unprecedented expansion of investment.
The company has contracted with several major Malaysian companies working in the field of real estate development in order to invest in Egypt, as well as the signing of contracts for the implementation of projects in Malaysia and other projects in Egyptian market, he revealed.
He explained that it was agreed they would implement the renovation of the Readings Institute and the Students Housing project in Shubra Al-Khaimah, Qaliubiya governorate, as well as the implementation of two projects in Nasr City to accommodate about 1,000 Malaysian students, and another project in Mansoura for Malaysian students, in addition to the renovation of the embassy of Malaysia in Dubai, the UAE, through the company’s branch there.
He stressed that the strength of the Egyptian-Malaysian relations and the presence of a large number of Malaysian students studying in Egypt encouraged his company to have a presence in Malaysia, where his company started to implement several projects, including in the state of Malacca, where the company participated in developing an Arab-Malaysian society, implemented under the name of the Arab-Malaysian village.
Moreover, El Attal has a branch in Malaysia and the company received requests to implement projects in several states in Malaysia, including Sabah. Several residential and tourism projects have been established in Sabah state, with funding provided by the government for the Arab and Egyptian companies operating there, he noted.
Several Malaysian state governors received their education from Al Azhar in Egypt, and 13,000 Malaysian students study in Al Azhar and have established good ties between Egypt and Malaysia, El Attal pointed out.
“The role of Egyptian embassies abroad should include focusing on supporting Egyptian investment inside, and using businesspersons to communicate with officials in foreign countries, and supporting confidence with other countries through successful and distinguished investors, in addition to promoting tourism in order to introduce Egypt to the world,” he said.
Moreover, El Attal added that his meeting with the King of Malaysia and government officials there prompted him to propose organising this visit to Egypt as part of the company’s national duty toward the country.
He disclosed that Egyptian property export requires prioritising project marketing, for example by starting with employees of foreign embassies who reside in Egypt and marketing units for them, such as embassy headquarters and personal units. In addition, we should market our real estate projects to foreign residents in Egypt, and also expand our marketing activities in countries with a high standard of living. Therefore, both the target product and target market must be identified.