El-Attal set to debut 2nd project at NAC

By Hamed Mahmoud

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, Chairman 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.

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 per cent of the first phase, 95 per cent of the second phase, and 90 per cent of the third phase have already been sold at the project. Moreover, the company was also able to sell over 27 per cent of this project to foreigners.

Park Lane is the company’s first project in the NAC, and has received LE4bn 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 LE250m in construction work at the project over the past year, and has allocated a further LE150m 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.