German GEC for Real Estate Development launched Ramla North Coast project with EGP 12bn investments, according to Chairperson Ahmed El Wahsh.
El Wahsh said that the project is over 375 feddans and includes 4,800 residential units with various spaces ranging between 89 sqm and 400 sqm, besides a package of services in the project.
He noted that it is scheduled to begin the project construction in a year, where it is implemented in 10 phases within six years.
Moreover, he revealed that his company acquired a plot of land in the New Administrative Capital to implement a residential project on it.
He further pointed out that the company also has acquired another plot of land in Sheikh Zayed to develop a new project before the end of this year.
Meanwhile, El Wahsh elaborated that the shareholder structure of the company includes German and UAE investors and plans to invest in the Egyptian real estate market due to its strong and real demand and facilities for investors.
He stressed that the real estate market has a real and strong demand for different housing segments, especially with the flexibility that real estate companies enjoy to support the customer’s decision to buy, which has maintained the survival of the market during the previous period.
“It is important to export real estate to activate sales volume for real estate companies, which necessitates specific requirements for the project being marketed and the target customer, said El Wahsh, adding, “Projects marketing abroad mainly targeted residential tourism projects in the coastal areas in Egypt, which raises the chances of those projects in export to the foreign client. Therefore, our company has a plan to market its project abroad.”