Al Asala Real Estate Co. has increased its selling prices for residential units located in compounds following the increase in prices of building materials, according to Hamdy Raslan, Sales Manager at the company, reported Al Mal.

Prices per square meter for units in the residential compound have gone up to EGP 11,000 from EGP 8,500 due to the increase. However the company has not yet decided on the pricing for the commercial units in the compound that will be delivered this year.

The company has sold over 80% of the Asala Compound in New Cairo. A mall will also be built in the compound, measuring 3,600 square meters.

The project has a total investment cost of EGP 250 mn, with a total area of 8.5 acres, including six apartment building, 26 villas and townhouses, and a public services area that constitutes 12% of the total project area. Meanwhile, roads and greenery make up 38% of the project.

Asala purchased the land for the compound five years ago through auction and commenced constructions works in 2011, added Raslan.