PACT Real Estate has achieved EGP 1bn in sales of White Bay project in Sidi Heneish, the North Coast, chairperson of PACT Real Estate, Mohamed Gamal, told Daily News Egypt.
Gamal added that the company has completed the project’s marketing and selling of the first and second phases, built on an area of 135,000 sqm, and about 200 families will receive their units in 2019.
He pointed out that White Bay includes 660 residential units, built on an area of 80 feddan. The project is characterised by cutting-edge designs in architecture and technology, including prepaid electricity and water, smart lighting and air conditioning, inclusive Wi-Fi, housekeeping, and property management.
The company has completed all the construction work of the first phase as well as 75% of the second phase.
“We have semi-finished the S1, S2, S3, and L1 terraces,” Gamal noted. “The company has recently acquired a loan from the Arab Investment Bank (AIB) worth EGP 120m to complete the construction progress of White Bay, and ensure on-time delivery of all four phases.”
Commenting on the company’s expansion plan, Gamal elaborated that the company works on developing modern life concept houses in the local market.
He revealed that his company plans to launch more real estate projects in the Red Sea and New Cairo areas to be announced soon.
Gamal explained that marketing real estate projects under the umbrella of the Ministry of Housing can raise customers’ confidence in these projects. When a certain real estate developer is supported by the state and participates in international conferences, they gain a good reputation, and it strengthens their experience while also increasing their success record.
“I believe that the participation of many Egyptian companies in foreign exhibitions offers greater opportunities to provide foreign customers with the information they need about local projects’ designs and quality,” he added.
Gamal noted that the company aims to participate in more exhibitions to increase its experience in the property export sector, notably the coming exhibition Egypt Property show in London.
PACT also works on implementing a tourism project, which is mainly demanded by foreign customers. The company’s project will be characterised by new and contemporary features which meet the needs of foreign customers.
Gamal pointed out that New Administrative Capital and El Mostakbal city are among the most important projects for real estate developers.
He added that Egypt’s real estate market is strong and witnesses high demand, and all market indicators affirmed its stability, thanks to Egyptian pound’s stable exchange against dollar and the current economic reform programme.
However, Gamal noted that there is still a large gap between demand and supply due to cumulative shortage of residential units of about 4.5m units in all housing categories. All the government and private sectors’ housing projects do not exceed 400,000 housing units per year.