PACT earns EGP 1bn in sales of North Coast’s White Bay

Com­pany plans to launch projects in Red Sea, New Cairo soon, PACT’s chair­per­son said

The Daily News Egypt - - Business - Mo­hamed Ga­mal, pres­i­dent of PACT Real Es­tate

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.

White Bay in­cludes 660 res­i­den­tial units, built on an area of 80 fed­dan

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