Egypt’s El Attal to invest $636 mln in three housing projects in 3yrs

Egypt’s property developer El Attal Holding plans to invest 11 billion Egyptian pounds ($636.1 million) in three residential projects in three Egyptian cities; New Capital, New Alamein, and Ain Sokhna within the next three years, chairman Ahmed El Attal said on Tuesday.

“The company’s project in the the new capital would cost 3.5 billion pounds and was expected to generate 5.5 billion pounds,” El Attal said. Park lane New Capital will include 1,100 housing units and will be completed in three phases within two and half years,he added.

Also, The firm seeks to launch New El Alamein’s residential project next June over 50 feddans, with investments ranging between 3.5 billion pounds and 4.5 billion pounds, El-Attal revealed, noting that the project was expected to generate 6 billion  pounds in sales.

New El Alamein project includes 3,500 units and is expected to be completed within three years, the chairman remarked.

In September, the company will launch a new project in Ain Sokhna on 21 feddans with total investments of over 2 billion pounds and estimated sales of more than 4 billion pounds, El-Attal said.

The top official maintained that his company would finance these projects through its resources, adding that it might resort to banks for finance but not for the time being.

El Attal Co. is in talks with the Egyptian government to execute housing projects for lower-middle and middle-income people, which are expected to be wrapped up before the end of April, he added.

Supported by the government, the real estate sector is the top sector in Egypt, El Attal announced.