Chairman of El Attal Holding Ahmed El Attal has revealed that the company intends to develop a residential tourism project in Ain Sokhna, with investments estimated at EGP 2.5 bn, Invest-Gate reports.

The designs are almost completed and construction will commence in Q4 2019, El Attal said on the sidelines of the company’s Sohour event on May 25.

Speaking of the project, the chairman underlined that it will be overlooking the Red Sea from one of the most attractive spots in Ain Sokhna and will comprise residential units, in addition to a hotel.

This will mark El Attal Holding’s second project to be launched in 2019, he highlighted, revealing the company’s plans of launching the third phase of Park Lane Compoundhood – its first development in the New Administrative Capital (NAC) – after the holy month of Ramadan.  

Dubbed “Promenade View,” the third phase is deemed one of the most distinctive areas of Park Lane, with unit sizes ranging from 90 to 180 square meters, El Attal noted, pointing out that the developer aims to record EGP 1 bn in sales of the project by year-end.

Scheduled for completion in two and a half years, Park Lane is being developed over three phases, comprising 1,100 residential units, with modules varying between studios, duplexes, and penthouses to meet all clients’ needs.