Approximately 25% of the apartments in the Rock Eden Compound in 6th of October City have been sold, according to Adel Dous, Chairman of El Batal Group, Al Mal reported.

The average price per square meters for units in the compound is EGP 5,500, excluding villas, which are not on offer at the moment, added Dous.

The Rock Eden development is spread on 34 acres near Zewail City for Science and Technology, and features 1,000 residential units, including 600 apartments with areas ranging from 160 to 300 square meters, and 400 villas ranging from 230 to 400 square meters.

Approximately 20,000 square meters of the project are dedicated to commercial units and office space, priced at EGP 4,000 per square meter. Sales from the project are projected to register EGP 1.2 bn.

Dous pointed out that the major problem facing the company is the price of the Egyptian pound against the dollar, leading to an increase in land prices, amounting to more than 50% of the total price of the unit, in addition to price increases spurred by rising demand for housing units, as previously noted by Al Borsa.

El Batal Group was established in 2002 and built its first development in the Masaken Sheraton neighborhood of Heliopolis, where the company has built 1,000 units. In addition, it has built the Paradise Compound, also in 6th of October, spread over 17 acres and featuring 1,200 residential units and 200 units for commercial use.