Egypt’s real estate company PACT eyes increasing capital to $5.6mn in 2016

Egypt-based real estate company, PACT Real Estate Group, targets capital worth 50 million Egyptian pounds ($5.6 million) during 2016, its CEO Mohamed Gama said Wednesday.

The targeted increase is one of the means of the implementation of its flagship, White Bay in Sidi Heneish, North Coast, thus the company is relying on the contractual sales of the project.

The company started Whitebay first phase in collaboration with RedCon contractors in May 2016. The project is also in cooperation with worldwide information technology IT leader CISCO, and will be providing smart homes solutions.

Gamal told Amwal Al Ghad that the project is  spread over 70 feddans in the north coast with total number of 600 units to be built through four phases within seven years.

The company has adopted an active promotional plan; its first phase includes promoting 120 units by the end of the second quarter of 2016. In addition the plan second phase include boosting 200 units.

Established in 2014, PACT is seeking to report contractual sales of 500 million Egyptian pounds by the end of 2016.

PACT is targeting to leave its footprints in distinct areas in the country, outside of Cairo and Alexandria.