People & Places awards EGP1.6 B construction contracts for its North Coast development in Ras El Hekma; THE MED.
People & Places, next-generation community maker, has announced the signing of contracts with Solid and ASASS Construction companies for a total investment value of EGP 1.6 billion to begin the construction of its first development, “THE MED” in Ras El Hekma on the North Coast. The signing took place after the completion of the Ministerial Decree permit, and the company plans to start phase 1 construction in the first quarter of 2023.
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In presence of Eng. Mohamed Khaled El Assal and Mr. Nabil Amasha, Founders of People & Places, and Eng. Ziad El Hares, Managing Director of ASASS Construction, the agreement was signed by Mr. Karim El-Assal, Founder of People & Places, Eng. Islam Onsy, General Manager of ASASS Construction, and Eng. Kareem Fawzy, Chairman of Solid Construction.
“We are thrilled to begin construction of our first development only a few short months after our launch in the summer, which reflects our commitment to providing top-quality real estate products and ensuring timely project completion. Our goal is to offer a complete experience to our customers upon handover, we are therefore focused on finalizing all aspects including green spaces, water features, and beach amenities.” says Karim El-Assal, Founder of People & Places.
On another note, El Assal highlighted that the company adheres to its sustainability goals in its designs, building materials, and preserving natural environment of the beaches and surrounding areas. The project masterplan accordingly allocates a smaller area for buildings and residential units, in comparison to the area allocated for green spaces and facilities.
The first phase of the project, launched in the summer of 2022, is designed by ALCHEMY ARCHITECTURE, incorporating contemporary Mediterranean architecture to include “Mediterranean villas” with direct beach view, and “Waterfall villas” with private beach lagoons and direct views over swimmable lagoons and waterfalls. In addition to “THE GRAY”, one-story hotel units overlooking the beach and managed by the British brand CAMPBELL GRAY HOTELS. The company also offers different finishing options to its customers upon delivery, such as fully finished or flexi-finished units, depending on their preferences.
About THE MED:
With an area of 307 acres in the heart of Ras El-Hekma Bay overlooking a beach of 800 SQM, THE MED offers a distinctive view of the Mediterranean Sea, and is planned to provide unique coastal homes ranging between stand-alone villas, twin houses, townhouses, and chalets, in addition to 4 unique concept hotels. THE MED also includes a range of recreational facilities, green spaces, swimmable lagoons, swimming pools, sports activities and dining areas.