Egypt’s Pact Real Estate is currently working on completing the first phase in the development of its first project White Bay in the North Coast, estimated to be worth EGP1.7 billion ($191 million), a report said.

The project is divided into four phases and provides a total of 600 units surrounded by green spaces and open areas, representing about 85 per cent of the total size of White Bay, added the Daily News Egypt report.

The first phase is set to be delivered by summer 2018, it said. Pact has entered into key partnerships with leading companies Cisco, Crystal Lagoons, and Multiples Group for the White Bay project.

Multiples Group will be contracting and financing Phase One and part of Phase Two in White Bay with an estimated EGP325 million through its contracting arm Asass Real Estate Development, the report said.

Crystal Lagoons will develop man-made lagoons with crystal clear waters. The lagoon, which will cover 14,000 sq m, will feature sandy beaches and crystal clear blue water by using the latest technology under an investment valued at EGP50 million, according to the report.