El-Attal Launches the Fourth and Final Phase of “PARKLANE” at the New Administrative Capital

– Eng. Ahmed El-Attal, Chairman of the Board of Directors of Al-Attal Holding, announced that their latest project “Bayside” in Ras Sudr will be launched for sale during the Real Gate Exhibition, which will be held from the 25th to the 27th of this month. El-Attal announced that construction works for the project started in early 2020, with EGP 1 Billion in investments. Bayside extends on an area of 7 acres, and consists of 170 furnished, fully-serviced apartments, and a 40-room hotel, designed to inspire a true Maldivian experience, with state-of-the-art facilities and services in harmony with direct sea views available for all units within the project.

“El-Attal’s strategy focuses on developing real estate projects in different locations in line with Egypt’s development plans. Ras Sudr in South Sinai is a promising destinations and a unique untapped investment opportunity, thanks to its picturesque nature, a God-given gift that is sufficient to make it one of the most attractive touristic destinations in Egypt.” Ahmed El-Attal, Chairman of El Attal Holding, emphasized on the company’s vision. Moreover, he explained that the city of Ras Sudr has witnessed major infrastructure developments recently, especially with the new roads and tunnels built under the government’s initiative to develop and revive the entire Sinai Peninsula. This will significantly reduce the time required to travel to Ras Sudr, and will facilitate creating an exceptional investment opportunity, as well as a destination that attracts tourism to this area.

“Al-Attal Holding was keen to build Bayside with the finest quality in terms of planning, architecture, and interior design.” Ahmed El-Attal added. Based on this intent, Ahmed El-Attal explained, “we signed Dr. Yasser El-Beltagy, Chairman of the Board of Directors of Yasser Al-Beltagy Engineering and Architectural Consultancy; for his long rich experience, with more than 1200 over 26 years, most notably the architectural designs for several major projects at the New Administrative Capital and New Alamien City. Furthermore, we contracted Eng. Hany Saad, CEO of Hany Saad Innovations to work on the interior design of Bayside units and facilities. He is one of the most outstanding designers since 2003, with an unmistakable style that inspires harmony between nature, sustainability, aesthetics, and use of modern technology and materials. This collaboration will enable us to provide our clients with the best possible experience at Bayside.”

Moreover, Ahmed Al Attal revealed that the construction works have been concluded, and that Bayside is at the finishing phase currently, and that the entire project will be available for sale during El-Attal’s participation at The Real Gate Exhibition this month. El-Attal plans to start the delivery phase during Q4 of this year, with EGP 500 Million of targeted sales for Bayside by the end of 2021.

On another front, Eng. Mohamed Al-Attal, CEO of Al-Attal Holding, announced the launch of the fourth and final phase of “PARKLANE” in the New Administrative Capital; a mixed-use project that includes administrative and commercial units. Muhammad Al-Attal declared that 85% of the first phase, 95% of the second phase, and 90% of the third phase have been sold. Moreover, the company was also able to sell over 27% of this project to foreigners. In addition, 50% of the construction of phase I is done, and is planned to be fully completed throughout this year, along with 15% of the second phase. Construction for all four phases of “PARKLANE” is expected to be fully completed by the end of 2023.

“PARKLANE” is the company’s first project in the New Administrative Capital, with EGP 4 Billion in investments.  The project is built on an area of 27 acres in the R7 area, featuring a total of 1100 units including duplexes, penthouses and studios, along with administrative and commercial units. Al-Attal Holding introduced “PARKLANE” as the first modern urban community that brings Egypt’s authenticity and future ingenuity together. The company invested more than EGP 250 million in construction works over the past year, and allocated EGP 150 million to push construction works forward during 2021. ATTCON Construction, El-Attal’s construction arm undertaking the development of PARKLANE, has built a central mixing station with a production capacity of around 6000 m2 to cover all of the project’s needs. It is worth mentioning that ATTCON, aside from building El-Attal’s projects, has achieved EGP 1.2 Billion in external contracts during 2020, and aims to achieve EGP 1.5 Billion-worth of contracts during this year.

Furthermore, Ahmed El-Attal noted in his concluding remarks that El-Attal Holding is currently working towards establishing a new company to join their group and take over the management and leasing of the fully serviced apartments in both projects in Ras Sudr and the New Administrative Capital. “Right now we have a facility management department under ATTCON Construction that has already undertaken many projects for foreign embassies in Egypt. We are working on restructuring this department to establish a new company projected to launch during Q2 of 2021.”