ATRIC DEVELOPMENTS implementing two projects, "Board Walk" in the Administrative Capital and "Boho" in Sokhna
In a new step to keep pace with the great development of the Egyptian market in general and the real estate sector in particular, Al-Asriya Real Estate Development Company announced the change of its trade name to “ATRIC DEVELOPMENT” as part of its strategic plan for development and expansion recently adopted by the company and to complement the basic idea on which the company was established. Modernity since 1998, which was based mainly on building urban projects with different ideas and distinctive architectural innovations with modern and innovative ideas in various projects that were implemented by the company
Where, during a press conference held to announce the company’s strategic plans during the coming period, Eng. Ashraf Naguib, Chairman of the Board of Directors of DEVELOPMENTS ATRIC, confirmed that the change of the company’s commercial name came after very detailed and accurate studies of the market and the conviction of the company’s leaders that the coming period needs a state of change that In line with the basic vision of the principles of Al-Asriya Company and in continuation of its more than 20-year journey in the Egyptian market, during which the company was able to achieve great successes in a number of vital areas in East Cairo, where it is considered one of the most important leading companies in the field of real estate development that aims to create urban communities characterized by sophistication And advanced, high-quality services, stressing that the letters that make up the name ATRIC are the initials and an abbreviation of the name of the modern company for real estate development and tourism investment, and that the goal of this change is a marketing goal in line with the company's new growth plan.
Najeeb added that the company’s future is based on its past years of experience and enhancing its capabilities by integrating ideas and vision to build confidence with our customers and present more than 25 projects of a modern and distinctive architectural nature, pointing out that the company’s strategic goal and vision are based on credibility, commitment, and the implementation of unique and innovative urban projects characterized by quality, in addition to Our interest in placing the client, his needs and comfort among our top priorities when implementing any project with the quality it deserves in every detail within our projects and studying the market well to choose project sites with great care to provide distinctive and different projects.
The Chairman of the Board of Directors praised the urban renaissance that Egypt is witnessing and the urban expansion in the construction of new sustainable cities that make an unprecedented qualitative leap for Egypt, pointing out that the company had a clear vision since the beginning of its work in the market, especially with the natural urban development and the emergence of new cities. So we headed to the sunrise and implemented the first residential community Distinguished services are villas with a new idea, closer to the resort, in the best locations and close to all the main hubs in East Cairo, is the “divina” gardens project, the first villa compound in El-Shorouk, which was sold and delivered one year ahead of the deadline for delivery, which achieved strong confidence between the company and its customers.
The Chairman of the Board of Directors added that the company began to expand, and its choice of the new administrative capital was due to its belief in the importance of this gigantic national project, by introducing the Boardwalk project on an area of 45 acres with an advanced urban thought, followed by the “Boho” project in Ain Sukhna with a new and different urban thought mixed with development, comfort and distinctive recreational services. .
Mohamed Khattab, head of the company’s commercial sector, added that changing the company’s commercial name stems from a new and different idea, aiming to provide a creative vision to enhance the company’s strength and the growth of its investments in the Egyptian market, especially in a number of vital and most attractive areas for customers, noting that the company’s long history in the field of real estate development is supportive. It is essential for the expansion that the company is targeting during the next five years, noting that the expansion plan set by them is based on the launch of two projects in New Cairo and the North Coast during 2022, in addition to completing the construction work on the company’s current projects.
Khattab explained that the company is implementing two projects in the most distinguished areas, the first is the “Board Walk” project in the New Administrative Capital on an area of 45 acres in the R7 area, with a total investment of 4 billion pounds, with a total of 1,500 units, between apartment buildings, duplexes and villas of various sizes, pointing out that the construction rate in the project amounted to 53% and was completed. Selling about 75% of the total units in two phases, pointing to the opening of the third phase for sale soon, in addition to the commercial project in the project, which was implemented with a new and different idea, which is a separate project from the Boardwalk project on an area of 30,000 square meters of building areas and will be launched during the first quarter of 2022 next .
Khattab said that the company's second project under implementation is the "Boho" Sokhna project, which is located in the most distinguished place with a sandy beach with a length of 250 meters on a total area of 20 acres, with investments estimated at 1.5 billion pounds with the best recreational services, with a total of 300 diverse units between chalets, villas and duplexes. The implementation rate of the project reached 62%, and the first phase of it will be delivered in the middle of 2022, in addition to the fact that the project contains a hotel in line with the state’s tendency to pay attention to the tourism aspect, especially on Egypt’s distinguished beaches, with a total investment of 250 million pounds with a capacity of 100 hotel rooms directly on the beach. The agreement is in principle with one of the major English companies to manage and operate the hotel in the Boho project, and it will be announced once the signing procedures are completed. The company also owns the Dvina Gardens project, the first compound of villas in El-Shorouk, with a total investment of 500 million pounds, and it was fully delivered in 2018.
Khattab added that the total investments of the current company are close to 7 billion pounds, with the company targeting during the next five years to develop the concept of the community through the implementation of new projects that achieve integration within the residential community at the highest level of quality to launch projects with high investment power, indicating that the targeted investments are injected during In 2021, it is estimated at 600 million pounds for construction work until the end of this year, and it targets sales during the next three months by about 500 million pounds, and about 2.5 billion pounds is targeted sales during the next year 2022.
As for the company’s tendency to invest in other projects in the capital, Khattab confirmed that they are studying the available investment opportunities, but the company aims to invest during the next year in the North Coast and New Cairo within the framework of the diversity in the number of the company’s projects in the most attractive areas for investment, stressing that the administrative capital is one of the most important projects Nationalism is absolutely and the most attractive and popular now, especially with the rates of completion that took place on the ground and the construction of smart urban projects that created a state of popularity in the capital’s projects and made them attractive to local and international investments.
