Vice Chairman of El Attal Holding Mohamed El Attal unveiled on March 3 that the developer achieved EGP 122 mn in sales of its residential project, Park Lane Compoundhood, in the New Administrative Capital (NAC) after one day of its official launch, Invest-Gate reports.

Such sales reflect Egypt’s credence in the project’s idea, which is primarily based on creating various modern and developed residential communities, mingled with ownership and the interdependence of the past era, El Attal revealed in a recent press statement.

It also proves that the Egyptian real estate sector is one of the most powerful and stable sectors in the country, which consequently disregards the notion of an imminent real estate bubble as others assume, he added.

According to El Attal, price per square meter at Park Lane Compoundhood starts from EGP 10,000, “which is a suitable and a competitive price for a project in NAC.” He noted that the company provides payment facilities to its clients, reaching up to eight years without interest rates.

He further added that his company expects the housing project to boom in the Egyptian real estate market, as it provides a suitable environment for distinct categories in society, in addition to offering basic services such as safety, coherency, and vitality.

Scheduled for completion in two and a half years, Park Lane Compoundhood is being developed over three phases, El Attal added, confirming that units of the project’s first phase start at EGP 10 bn, with 7% down payment and installment plan up to eight years with no interest rate. It comprises 1,100 residential units with different modules such as studios, duplexes, and penthouses to meet all clients’ needs.