El Asreya Developments announces the change of its trade name to ATRIC DEVELOPMENT, as part of its strategic and expansion plan for development, Invest- Gate reports.

During a press conference, Chairman of ATRIC DEVELOPMENTS  Ashraf Naguib explains that the change of the company trade name comes after very detailed and accurate studies of the market, pointing out that the letters of ATRIC are the abbreviation of the El Asreya for Tourism and Real Estate Company. This change targets a marketing objective in line with the company’s new growth plan.

Additionally, he reviews the company successes. On top of it comes the “divina” Gardens project, the first villa compound in Shorouk city, which was sold and delivered a year ahead of the scheduled date.

Mohamed Khattab, the commercial director, indicates that the company’s expansion plan is based on offering two projects in New Cairo and the North Coast during 2022. Besides, completing the construction work of the company’s current projects.
The first project is Board Walk in the New Administrative Capital (NAC), covering 45 acres R7, with EGP 4 bn of investments. It includes 1,500 units between apartment buildings, duplexes and villas of various sizes, he elaborates. Moreover, he states that the construction rate in the project has reached 53%. Besides, about 75% of the units have been sold in two phases.

He further indicates that the third phase will be opened for sale soon. In addition, the company will carry out a commercial project, which will be separate from the Boardwalk project. The commercial project will be built on ​​30,000 sqm of building space and will be launched during the first quarter of 2022.

As for the second project, “Boho” Sokhna, located on a sandy beach with a length of 250 meters, spanning over 20 acres, with EGP 1.5 bn of investment. The project offers 300 different units between chalets, villas and duplexes. Furthermore, he notes that the implementation rate of the project has reached 62%. In addition, the first phase of it will be delivered in the middle of 2022.

Additionally, the project includes a hotel with investments of EGP 250 mn, with a capacity of 100 hotel rooms, directly on the beach. Moreover, the company has agreed to cooperate with one of the major English companies to manage and operate the hotel in the Boho project. It is worth noting that the company’s current total investments amount to EGP 7 bn, while the targeted sales are EGP 500 mn during the next three months and EGP 2.5 bn during the next year 2022.