15 August 2019
Design work for El Attal Holding's 2.5 billion Egyptian pounds ($150.5 million) mixed-use project in Ain Sokhna is in the final stage, the company chairman said.
Ahmed El-Attal told Thomson Reuters Projects last week that the project would be developed over an area of 48 acres.
"We plan to start development work in the fourth quarter and complete the project over four years," he said without disclosing detailed timelines and the total number units in the project.
In May, Thomson Reuters Projects had reported that the project would comprise of residential and hospitality components.
Last week, the company launched the third phase of its four billion Egyptian pounds ($241 million) Park Lane project in the New Administrative Capital.
"We are awaiting ministerial approval to start construction," El-Attal said, adding that the first phase is expected to cost of 1.8 billion pounds ($108 million).
In February, he had told Thomson Reuters Projects that construction of the 26-acre project was expected to start in June this year.
(1 US Dollar = 16.61 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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