People & Places Fast-Tracks The Med Ras El Hikma With EGP 500M Redcon Construction Deal
Date
7/29/2024 4:22:12 AM
(MENAFN- Daily News Egypt) Egyptian Real estate developer People & Places (P&P) has announced a strategic contract with RedCon Construction, representing an investment of EGP 500m. This agreement underscores P&P's commitment to expediting the development of its highly anticipated project, The Med Ras El Hekma.
The contract focuses on the construction of the skeleton and external finishes for the first phase of The Waterfall Village, designed by Alchemy Architecture. RedCon will ensure efficient and high-quality construction, with a projected completion timeframe of 18 months.
This collaboration with RedCon Construction further accelerates the ongoing progress at The Med. Rough grading for the first phase of The Gray Cabanas is now complete, and the skeleton construction is almost done. For the Mediterranean Villas, rough grading is nearly finished, with a contractor awarded and skeleton works already underway. Paving the way for the next phase, rough grading for The Waterfall Village has reached 40% completion, and construction of this phase will now be undertaken by RedCon, prioritizing sustainable practices.
Karim El Assal, Founder of People & Places, said:“This collaboration allows us to expedite the project's timeline, ensuring residents can enjoy their dream beach homes the soonest.”
Amal Abdel Wahid, Vice Chairperson and Managing Director of RedCon Construction, emphasized that one of People & Places' key requirements is to implement sustainable and environmentally friendly technologies, a criterion that aligns perfectly with RedCon's strategic goals and vision.
For the second consecutive year, The Gray Beach Club will open its doors this month to welcome clients and community members.
The Med Ras El Hekma also recently celebrated the successful launch of its collaboration with LA7 Hotels, with the first phase of Geo, LA7 Homes, achieving rapid sell-out.
With a substantial land bank of 2 million sqm and a total investment portfolio exceeding EGP 110bn, encompassing both The Med and Hills of One, the company solidifies its position as a key player in the Egyptian real estate landscape.
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