Egypt's El-Attal invests $9.6mln to boost construction of PARKLANE

50% of the construction of Phase 1 is completed

  
Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Egypt’s real estate developer El-Attal Holding announced that their debut project in the New Administrative Capital (NAC), “PARKLANE” has sold 90% of Phase 1 units, 95% of Phase 2, and 90% of Phase 3.

Furthermore, 50% of the construction of Phase 1 is completed and is planned to be fully developed throughout this year, along with 15% of Phase 2.

The project’s master plan is developed with social synergy in mind, “PARKLANE” maintains privacy, inclusivity, hobbies, and routines flowing in total equilibrium.

The project is built on 27 Acres of land in 4 phases. The project allocated a total of EGP 4bn and would be delivered in parallel to the construction of the commercial mall in Q1 of 2024.

PARKLANE” is strategically located in NAC’s R7 district (D-2). Among other acclaimed developers. R7 district was chosen by El-Attal Holding as it is one of the 1st residential areas soon-to-launch in NAC.

The project’s location provides easy access to acclaimed academic establishments such as the Swedish University, parks, retail, and freeways.

It consists of 4 phases, 15 buildings each. The project is a mixed-use compound that includes administrative and commercial units. The project features a total of 1,100 units including duplexes, penthouses, and studios, along with administrative and commercial units.

It will comprise units with sizes ranging from 115-355 m2, with Phase 1 includes special units with sizes ranging from 90-190 m2.

Inspired by the stunning English architecture, taking its name from the well-known street located in the heart of London, El-Attal Holding offers its residents an unparalleled lifestyle. The compound’s astonishing design is enhanced by the abundance of fantastic amenities, excellent security, and lively community, all with an eye for privacy.

Ahmed El-Attal, Chairperson of the Board of Directors of El-Attal Holding said, “We saw The NAC as the perfect place to hold “PARKLANE”. The company has invested more than EGP 250m in construction activities over the last year, and injected EGP 150m to drive development works forward through 2021. Furthermore, ATTCON Construction, our building arm, has developed a central mixing station with a production capacity of roughly 6000 sqm to fulfil all of the project’s needs.”

On another front, El-Attal stated that “Bayside” would deliver in 18 months in Ras Sudr, South Sinai while expecting EGP 500m in sales for the mini-compound by the end of 2021.

With EGP 1bn in investments, “Bayside” covers 7 acres of land, and consists of a 40-room hotel, with 170 fully serviced apartments. With “Bayside” being at the finishing phase, construction work has been concluded.

Moreover, El-Attal Holding collaborated with the Chairperson of Yasser Al-Beltagy Engineering and Architectural Consultancy for his long rich experience; along with Hany Saad, CEO of Hany Saad Innovations to work on the interior design of “Bayside” units and facilities.

Furthermore, El-Attal emphasized Ras Sudr’s growing infrastructure development as an opportunity: “Ras Sudr is a vital and promising location as it’s a hot-spot for investment. An uncharted location from the past, we aim to rediscover it with upcoming generations.”

He continued that most recently, new roads and tunnels have been constructed in Ras Sudr as part of a government plan to rebuild and revitalize the entire Sinai Peninsula. Therefore, the city would be easily accessible from the reduced time of travel. Thus, “Bayside” would contribute to facilitating an exceptional place that attracts tourism along with investments.

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