El Attal Holding Chairman Ahmed Elattal has uncovered that his company’s building arm, Attcon Constructions, has been awarded contracts worth EGP 1.2 bn in 2020, Invest-Gate reports.

In line with the Egypt-based company’s expansion plans for 2020, Attcon has secured work on El Attal Holding’s flagship projects in the New Administrative Capital (NAC) and Ras Sudr, called “Park Lane Compoundhood” and “Bayside,” separately, amongst other real estate projects across the country, according to the press release on December 21.

During the forthcoming year, Attcon seeks to further expand the volume of investments and tenders, the statement added, underlining that more developments are in the pipeline for the announcement in Q1 2021.

Besides, Elattal expressed his optimism for the new year given the continued positive activity in the real estate sector, especially with the inauguration of NAC in 2021. This will raise demand for real estate and, as a ripple effect, unit prices will soar 10-15% in east Cairo, in particular, next year.

Attcon Constructions has been awarded contracts worth EGP 400 mn during the first quarter of 2020, as highlighted in a previous statement, getting works on two residential developments for governmental bodies in NAC, and others on several banks and foreign embassies in Egypt.