The Saudi-Egyptian Construction Company (SECON) intends pumping EGP 4bn in a project in the New Administrative Capital on 70 acres, according to CEO Darwish Hassanin.
Hassanin added that, according to preliminary studies, the project will include about 65 buildings with a height of seven floors and a total of about 2,000 units with different models and spaces ranging between 140 square metres and 210 square metres.
He noted that the company is preparing to begin selection procedures for the consulting office, which will carry out the design and master plan for the project.
Furthermore, on Sunday, SECON signed five construction contracts with Al Rowad for Construction and Development (Al Rowad Group), El Karnak Company for General Contracting and Supplies, Al Shams for Contracting Prequalification’s, and El Akkad for Engineering Works, which won two bids. The five contracts were signed to implement parts of the second phase of the company’s new project, Riyadh-SECON, in New Cairo with a total value of EGP 250m.
The five contracts have been signed to construct 21 residential buildings with a total of 255 apartments and duplex units, according to Hassanin.
Both Al Rowad Group and El Karnak will construct four buildings with a total of 80 units and at a cost of EGP 50m.
Meanwhile, El Akkad for Engineering Works will build eight of the project’s buildings, a total of 40 duplex units, at a cost of EGP 91m. Al Shams for Contracting will construct five buildings, with a total of 25 duplex units, at a cost of EGP 55.1m.
“The number of buildings that the company has awarded to the construction companies totaled 84 out of 120, and the rest of the building tenders will be offered in other bids within three months,” Hassanin added. “ The company intends to complete the project within two years, despite the fact that the time-frame for the ministerial decision is five years, reflecting the company’s desire to speed up the implementation of the project.”
The Riyadh-SECON project is located on 68 acres in New Cairo, an integrated residential complex for above middle-class housing that consists of 120 residential buildings, comprising 1,897 units of various sizes. It also includes five different apartment and duplex models with spaces ranging between 140 square metres and 190 square metres, including apartments and duplex units. The project is implemented in three phases with total investments of about EGP 2.5bn.