InterviewsReal estate

Mohamed El-Attal, CEO of Park Lane Compoundhood and vice chairman of El Attal Holding.

 

  • El-Attal Holding manages to achieve targeted sales despite COVID-19 epidemic.

  • El-Attal Holding was one of the first companies that decided to invest in New Administrative Capital.

  • Despite the fierce competition in NAC, we managed to achieve targeted sales.

  • We plan to expand our investments in the New Capital.

  • The company has achieved sales exceeding EGP1.2bn in Park Lane development.

  • The company’s investments in the market amounted to nearby EGP 7bn.

Mohamed El-Attal, CEO of Park Lane Compoundhood and vice chairman of El Attal Holding said that property remains a safe haven for investment, regardless challenges that the sector faces, thanks to its dependence on real demand to meet needs of annual population increase in Egypt, noted that owning property is considered an authentic part of Egyptian culture.

El Attal added that the total company’s investments amounted to EGP 7bn, distributed by EGP 6bn allocated for Park Lane project in New Administrative Capital (NAC), east Cairo, and EGP 1bn for a new project in Ras Sedr city.

He revealed that the company plans to launch its new project in Ras Sedr next November, which will be a distinct project and a milestone in the entire region.

He noted that the New Administrative Capital is one of the promising projects in terms of development and investment, which is a pride for all Egyptians.

He further pointed out that El Attal Holding was one of the first companies that decided to invest in this national and international city, based on a future vision on the importance of this project and its sustainability.

Egypt’s real estate market has experienced changes due to COVID019 epidemic. What are the most prominent changes resulting from that crisis?

I see that Egypt’s real estate sector was not affected by the exaggerated way like other economic sectors in all countries, so there was a relatively stable sales movement. Although there were no exhibitions, in which exclusive offers were made, real estate companies maintained stable sales during the epidemic.

Do you see that real estate is a safe haven for investment during pandemic, or is there competition by other savings vessels?

Whatever challenges the real estate faces, it has proven over successive crises, whether local or external, that is a safe haven for investment and has managed to face these challenges, the most recent of which was COVID-19 pandemic. The sector maintained its solidarity and coherency sector with a stable sales rate.

How did El Attal Holding manage to overcome the pandemic repercussions?

We have a sales plan for the current year that sets target sales for each quarter of the year. We were able to achieve targeted sales for each quarter since the beginning of the crisis until now, thanks to excellence of our real estate product and distinguished reputation that the company enjoys. In addition to, customers’ confidence in property as a safe haven for investment during crises, along with real demand in the market.

Do you think that the Egyptian culture has anything to do with the Egyptians’ ownership of property?

This is true, as the Egyptian citizen, regardless of his level of purchasing power and his economic and social level, has the desire to own a property is part of his culture and his goal in life, as he saves money to buy a unit, which is one of elements of continuing sales in real estate market regardless of challenges.

How do you see performance of Egypt’s real estate market?

Real estate gets sick and does not die. It is a promising sector based on real demand, which depends on large population increase, whatever the volume of what real estate companies produce annually, but it is still limited compared to size of required units annually.

What are challenges imposed on real estate companies during the current period?

There is a fierce competition in NAC and in the market in general, especially with the presence of companies that do not study the market well and provide ill-considered payment systems and prices that harm serious companies in the market.

Despite the competition, we managed to achieve targeted sales, as well as, maintained our payment systems that have been identified based on strong market studies.

What are new requirements in real estate product design imposed by the pandemic?

Real estate market trends during the recent period have started to move towards real estate unit with small spaces that are designed in such a way that allows maximum benefits for customers without incurring a higher cost.

What is your vision for the NAC project?

I believe that this mega project is one of the promising projects in terms of development and investment, which is a pride for all Egyptians. The size of large development process of the project and existence of global iconic buildings in this project, are all elements of pride. Additionally, the development of a package of new fourth generation cities all of which are strong cities that the development of any city do not affect the other city.

Accordingly, El Attal Holding was one of the first companies that decided to invest in this national and global project, based on a future vision about the importance of this new city and its sustainability. Beyond, our role to be part of those who will be told about history in the development of this promising and global development.

Do you intend to launch new project in the NAC?

Indeed, we plan to expand our investments in the New Capital; consequently, we cannot miss opportunity to participate in the development of this promising project. Moreover, we cannot miss the opportunity to benefit from the large customers demand to buy properties in New Administrative Capital.

What are the most prominent precautionary measures taken by El Attal Holding during epidemic?

As for the administrative headquarters, during the crisis, employees were allowed to work from home via Internet and the project was continued to be marketed to customers online. Then after that, employees were allowed to work from the administrative headquarters with shifts system to reduce number of employees while taking all preventive measures set by the Ministry of Health to maintain employees safety.

Can it be said that the COVID-19 crisis highlighted the strength of El Attal Holding?

This is what actually happened, so there was a limited impact and it is very normal, but the company only lost 15% of sales percentage at the peak of the epidemic, which is negligible compared to the size of the crisis, so there was a demand by customers to buy units in the project.

Did the company manage to achieve targeted sales in its Park Lane Compoundhood?

The company has achieved sales exceeding EGP1.2bn in Park Lane development since its launch last year. Furthermore, El Attal was able to achieve and exceed its sales targets during the current year, besides; we aim to achieve sales of approximately EGP 400m in the last quarter of this year. We expect to record this amount of sales especially with the return of real estate exhibitions.

Likewise, we believe that the companies present in real estate exhibitions will achieve very good sales numbers. There is a strong and real demand that has been postponed and not canceled, which means the implementation of this postponed purchasing process with holding of the upcoming exhibitions during the coming period.

Do you expect that offering various payment systems will encourage customer to make purchasing decision?

Providing various payment systems should be done with a strong study of real estate market, and purchasing power of target customers to identify their capabilities, required spaces, and preferred prices. Hence, we use these studies to provide payment systems that maintain cash flow for our project, as well as, encourage customer to make a purchase decision.

Tell us the updates regarding construction works in Park Lane compound.

We have completed the development of about 20% of the first phase of the project. It is scheduled to reach 70% by the end of this year. First phase comprises about eight residential buildings include a number of units with various spaces.

What the company’s expansion plan during the coming period?

We plan to launch a project in Ras Sedr city in South Sinai Governorate early next November. It will be a promising and distinguished project that will achieve diversity in the company’s investment portfolio with investments amount to approximately EGP 1bn. Moreover, the project will be developed with a new architectural thought encompasses serviced apartments. El-Attal Holding cooperates with giant offices in architectural design and promising success partners in the development of this project.

What is the total volume of El Attal Holding’s investments in real estate market?

The company’s investments in the market amounted to nearby EGP 7bn, distributed at EGP 6bn allocated for Park Lane Compoundhood in the New Capital, and EGP 1bn for our new project in Ras Sedr.

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