Pact Real Estate Group, a newly established firm that entered the Egyptian market in 2014, plans to invest about EGP1.7 billion ($216.5 million) over the coming 10 years, a report said.

The company will focus on new destinations with a focus on the smart housing concept, according to the Daily News Egypt report, which cited an official statement from the company.

Pact started its top project under the name of White Bay last month in Sidi Heneish on the north coast in collaboration with RedCon contractors, the statement said.

In a tie-up with IT expert Cisco, the project will offer smart homes solutions.

In partnership with the National Bank of Egypt (NBE), the company will finance another project, also named White Bay, in Ain Sokhna. This will require total investments worth EGP65 million and is to be launched in 2016, the report said.

Pact is also targeting distinct areas in the country, outside of Cairo and Alexandria.

“Our management team uniquely understands the needs of the modern family whilst anticipating for their future aspirations,” Pact president Mohamed Gamal was quoted as saying in the report.

“By studying new destinations within Egypt, we provide new choices for Egyptians and are currently looking at opportunities in distinguished areas of Egypt. Each of our projects will see an investment of, on average, EGP400 million-EGP 700 million, opening up as many as 1,000 new job opportunities per project, offering substantial opportunities for growth in the industry.”

Pact will also soon announce new projects to be located in the areas of Ain Sokhna and New Cairo, according to the report.