EAL Bank Sells 25 Chalets For EGP 10 Mln in Ain Sokhna

The Egyptian Arab land Bank (EALB) has sold 25 of 39 chalets in Ain Sokhna for EGP 10 million. The 39 chalets were offered for sale at public auction.

Mohamed Bayoumi, GM of Investments & Mortgage Finance Department of EAL Bank, said this second phase comes amidst finishing phase I in where 31 out of 36 chalets were sold for EGP 12 million during last week’s auction.

“The bank plans to dispose of other real estate assets within the coming period through offering them for sale at public auction.” Bayoumi added

Reliable sources inside EAL bank told Amwal Al Ghad that the real estate assets portfolio devolved to the bank exceeds EGP 2.5 billion.

“The bank aims at going into partnership with real estate companies so as to develop these assets before offering them for sale.” The source added