Attal Properties unveils ‘The 101’ project in Mostakbal City with EGP 25bn investment – Dailynewsegypt
Attal Properties, a leading real estate developer in Egypt, has launched its flagship project, ‘The 101’, in collaboration with Arab Contractors Company. The project boasts an impressive investment of EGP 25bn.
Situated in the prime location of Plot No. 1 in Phase 1 of Mostakbal City, New Cairo, ‘The 101’ is aptly named after its expansive area of 101 feddans (approximately 424,200 sqm).
Ahmed El-Attal, Chairperson of El-Attal Group, revealed during a press conference that ‘The 101’ will allocate only 30% of its area to construction, with the remaining 70% dedicated to water features, landscapes, and integrated services. This design strategy aims to foster a tranquil outdoor environment, enhancing the well-being of its residents.
El-Attal emphasized the project’s commitment to providing European-style living on Egyptian soil, offering competitive pricing and flexible payment options to meet clients’ financial needs and secure their investments for the future.
“The 101 in Mostakbal City will offer clients European-style housing on Egyptian land, with truly competitive prices and flexible payment plans tailored to their financial capabilities, ensuring they achieve the desired price and real estate value as a future investment,” said El-Attal.
Ahmed El-Assar, Chairperson of Arab Contractors, expressed excitement about the partnership, highlighting the combined expertise and strategic vision that will drive the project’s success.
El-Assar stated: “This partnership combines the expertise, technical excellence, and strategic vision of both major entities. We are enthusiastic about this partnership, which embodies the continuous efforts of El-Attal Properties to achieve excellence and success in real estate development.”
He pointed out that “The 101” project is being developed on a plot owned by the Arab Contractors in Mostakbal City, covering an area of 101 feddan. The company is a principal shareholder in the ownership structure of Medar, the general developer and owner of 11,000 feddans in East Cairo, including Mostakbal City, which spans 5,200 feddans. The ownership structure includes the National Bank of Egypt, Banque Misr, the National Investment Bank, and Misr Financial Investments Company, with the Arab Contractors holding an 11% stake.
Since its inception, El-Attal Properties has adopted a strategy based on continuous market study and planning to offer unique products. The company has collaborated with leading engineering consultants, contracting with top experts in the field, including Yasser El Beltagy, founder and chairman of YBA, a prominent figure in architectural consulting known for partnering with major entities in Egypt and the Middle East to execute distinctive and innovative projects. Additionally, El-Attal Properties has contracted with Inversion for Project Management, overseeing more than 35 projects owned by over 20 companies with a project value exceeding EGP 100bn managed by experts with over 25 years of experience.
In line with global standards, El-Attal Properties has also partnered with the renowned international architect Xavier Vilalta. Vilalta, a Spanish architect and university professor who studied architecture in Barcelona, London, and the Illinois Institute of Technology in Chicago, founded Vilalta Studio in Barcelona. He has designed major projects in Africa and the Middle East and received multiple international awards, including the LEAF Award in 2008, 2009, and 2010, and an award for sustainable designs from the Energy Expo in Bologna, Italy, in 2011.
Mohamed Diab, CEO of Inversion for Project Management company, highlighted that The 101 project will be one of the standout projects in Mostakbal City due to its unique location in Plot No. 1 at the city’s main gate.
Yasser El Beltagy, Chairperson of YBA for Engineering Consultancy and the project’s consultant, described “The 101” as a European piece on Egyptian land, with a unique and innovative design that combines comfort and luxury, offering a distinctive living environment for its residents.