Misr Italia Properties, an Egyptian leading real estate developer, commemorated the signing of an agreement with Redcon Construction, one of Egypt’s largest construction firms, valued at EGP 1.3 billion.
According to Industry sources and the agreement, Redcon Construction is tasked with construction and contracting works for Solare Ras El Hekma, Misr Italia Properties’ flagship development at the North Coast. Spanning a total area of 386 acres at kilometer 199 west of Alexandria, the project is part of the company’s ongoing commitment to supporting the development plan of the western North Coast, as well as amplifying the real estate sector’s contribution to Egypt’s GDP.
Industry sources further confirmed that Redcon Construction will undertake the contracting and construction works for Solare Ras El Hekma, to be accomplished within 18 months. This partnership is a testament to Misr Italia Properties’ vision for expansion, emphasizing its strategy of partnering with experts with a proven track record of excellence. By aligning with such reputable industry players, Misr Italia Properties ensures the delivery of unparalleled quality to its customers, further supporting the government’s plans for sustainable development.
The signing ceremony was attended by Khaled El Assal, Non-Executive Chairman at Misr Italia Properties, as well as Eng. Mohamed Khaled El Assal and Karim El Assal, CEOs and Managing Directors of Misr Italia Properties. Meanwhile, key figures representing Redcon Construction included Eng. Tarek El Gamal, Chairman of Redcon Construction; Amal Abdel Wahid, Vice Chairman and CEO; and Ahmed Abdallah, Vice Chairman.
Eng. Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties stated “Our partnership with Redcon Construction reaffirms our commitment to working with leading entities to deliver exceptional quality to our clients across all our projects. This partnership reflects confidence in our company’s vision and dedication to excellence, positively impacting the Egyptian real estate sector and supporting the government’s objectives for the Western North Coast development.”
El Assal further added that “Solare Ras El Hikma exemplifies world-class quality and boasts an array of diverse amenities, including an Italian-inspired commercial area, numerous entertainment services such as a clubhouse and sports facilities, along with two international boutique hotels aimed at expanding Egypt’s hospitality sector, and provide a comprehensive experience for customers. This exceptional real estate offering draws interest from Egyptians and international tourists alike, bolstering tourism revenues for the government. Since its launch 11 months ago, Solare has achieved impressive sales, with total investments amounting to EGP 54 billion, and is witnessing increasing customer demand”
Building on the above, Eng. Tarek El Gamal, Chairman of Redcon Construction Group, expressed his pleasure in partnering with Misr Italia Properties, “a developer with a unique vision for enhancing the real estate sector’s contribution to Egypt’s economy while delivering world-class projects to the market.” El Gammal went on to underscore Redcon Construction’s diverse portfolio and track record, which includes 11 projects located on the North Coast. He also emphasized the pressing need for tripling the number of construction companies in Egypt to effectively manage the steadily increasing volume of new projects.
Industry sources also affirmed that with the focus on delivering a distinctive experience across the board for customers, the company has partnered with top global firms for the master planning and design of the Solare project, including engaging EDSA, a leading American architectural firm, for the project’s overall design and units. Furthermore, the project features a notable collaboration with Whitespace Architects, a Dutch firm specializing in architectural design.
