The Egyptian market needs better coordination between government and developers to form an integrated plan for the economic development in general, and real estate sector in particular, Nahla El Ebiary, head of engineering affairs sector at GV Developments told Daily News Egypt.
During Think Commercial Roundtable held on Tuesday, El Ebiary explained that the development of coastal cities provides investment opportunities for real estate companies and increases the pace of progress in the touristic real estate sector.
During the session, El Ebiary enquired about the change in projects’ requirements after awarding them to investors, in response, the Assistant Minister of Housing for New Urban Communities Authority (NUCA) Walid Abbas said that the NUCA is committed to its contracts with investors.
Abbas noted that before any decisions are taken or changed by NUCA, the authority holds joint meetings with real estate developers to reach an understanding that would benefit both parties.
On the sidelines of the roundtable, El Ebiary told Daily News Egypt that the company is preparing to submit White Sand project’s documents to obtain ministerial approval for the project development in North Coast.
El Ebiary expects to obtain the approvals in a very short time to begin the project implementation.
In late July, the company has celebrated the launch of EGP 9bn mixed-use White Sand project in North Coast.
White Sand is the company’s first project in the real estate market in Egypt. It will be built on an area of 193 feddan and will provide residential, tourist, and commercial spaces, with a 750-metre waterfront area. About 82% of the total project’s area is allocated for green spaces.
El Ebiary revealed that the company is currently developing a masterplan of a new project in Fifth Settlement district, in New Cairo, which spans over 70 feddan and will include 80,000 sqm commercial area.