El-Asreya Developments, a pioneering real estate developer, announced changing its trade name to “Atric Development” as part of a strategic development and expansion plan recently adopted by the company to complement the basic idea on which the company was established in 1998, which was based mainly on building urban projects with different ideas and distinctive architectural innovations.
Eng. Ashraf Naguib, Chairman of the Board of Directors of Atric Developments, confirmed that the change of the company’s trade name followed very detailed and thorough studies of the market to coincide with the basic principles of the company and to continue the company’s vision extending to more 20 years in the Egyptian market.
Naguib added that for expansion, the company headed to the New Administrative Capital to its belief in the importance of this gigantic national project and introduced the Boardwalk project – the company 1st project there – on an area of 45 acres with a developed urban thought. The project was followed by the “Boho” project in Ain Sokhna with a new and different urban thought mixed with development, comfort and distinctive recreational service.
Mohamed Khattab, Head of the Company’s Commercial Sector, said that changing the company’s commercial name stems from a new idea, aiming to provide a creative vision to enhance the company’s strength and the growth of its investments in the Egyptian market.
Khattab explained that the total investments of the company’s 1st project in the New Capital amount to LE4 billion, with a total of 1,500 units, pointing out that the construction rate in the project reached 53 per cent and that about 75 per cent of the total units were sold in two phases.
The “Boho” Sokhna project – the company’s second project at present – is located in the most distinguished place on a total area of 20 acres. With investments estimated at LE1.5 billion, the project has a 250-meter sandy beach with a total of 300 diverse units, providing the best recreational services, he said.
He added that the project is 62 per cent complete in terms of construction, and that the first phase of the project will be delivered in the middle of 2022.
Khattab added that the company current total investments are close to LE7 billion, with the company targeting during the next five years to develop the concept of the community.
The targeted investments for the current year is estimated at about LE600 million, he said, pointing out that the company targets sale of LE500 million during the next three years and of LE2.5 billion during the next year 2022.
