PACT Real Estate is currently looking into opportunities to develop projects across a number of areas around Egypt. These include residential and commercial projects at the New Administrative Capital, West Cairo, as well as the Red Sea, Mohamed Gamal, president of PACT Real Estate told Daily News Egypt when sat down for an interview with him, the transcript for which is below, lightly edited for clarity:
What about your project’s total number of investments?
White Bay’s investments have amounted to a total of EGP 1.7bn.This is to be invested in all four project phases, which will eventually provide a total of 600 units.
Do you have any construction updates that you can share?
Construction for phases 1 and 2 at the state-of-the-art compound has been going according to schedule. We have thoroughly concluded 100% of all benches and bearing walls in phases 1 and 2, 100% of the concrete for the first benches, 80% of stone works, as well as 85% of casting concrete for phase 1 units. The company launched phase 3 of the project in May 2018. This phase features the Premium Nirvana Sky Villa. With a total inventory of 80 limited units, located in the second step only 200 metres from the beach, it represents the company’s latest product introducing a different concept.
What about your project’s current sales volume?
Since the announcement of our sales and marketing campaigns for White Bay, we were able to attract customers and have sold 300 units, which represent 40% of the project.
When will your company deliver its first project phase?
Marketing for the first and second phases, which cover a total of 135,000 sqm is now complete, however, we decided to postpone the delivery. We want to make sure that all facilities and amenities are available and reach all of the project’s components, serving the 200 families expected to arrive by summer 2019.
What services set White Bay apart from others across North Coast area?
Featuring a variety of villas, twin houses, and chalets that range from 120-550 m2, White Bay’s progressive community offers 660 residential
units, on an area of 80 acres. The cutting-edge architecture showcases the functions and technologies offered by smart homes; including prepaid
electricity and water options, lighting and air conditioning controlled by one touch from your phone, inclusive WIFI coverage throughout the entire compound, in addition to modern amenities, housekeeping, and property management.
Moreover, and in addition to a comprehensive business centre, children’s park, spa, luscious landscaping, lagoons, and lakes, the community of White Bay is located in the promising area of Sidi Heneish, which is adjacent to the new highway road Cairo-El Dabaa, and is situated 30 minutes away from the Marsa Matrouh and the Alamein airports.
What other areas does PACT plan to develop?
We are currently looking into opportunities to develop projects across a number of areas around Egypt; these include residential and commercial projects at the New Administrative Capital, West Cairo, as well as the Red Sea. As a group of young innovators with a unique vision for the future of the industry, PAC T partnered with leading companies Cisco, Crystal Lagoons, and Multiples Group to provide distinctive modern architecture and ground-breaking smart solutions, all of which are projected to become fundamental aspects within our future projects.
What about your expectations regarding real estate prices by end of year?
Real estate is the country’s fastest growing sector with a 15% contribution to the Gross Domestic Product. The industry has shown impeccable resilience throughout the past few years where demand for units, especially, in the North Coast, continues to exist. It has also proved to be the safest form of investment as money keeps its value creating a barrier against inflation, while providing long term financial security. I believe the real estate sector will continue to witness remarkable growth, especially now that the government is putting significant effort in improving the overall business climate, in order to attract more local and international investments.
