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Imkan Misr has awarded two significant contracts worth 2.05 billion Egyptian pounds ($42 million) for the construction of residential units and infrastructure as part of its Alburouj project in New Heliopolis, Cairo.
Forward Construction has been awarded a contract, valued at EGP1.6 billion ($33 million), to build three new residential areas. This will include 348 residential units comprising twin houses, townhouses, and standalone villas, covering an area of 192,073 square metres (sqm) with a built-up area of 86,892 sqm. The construction is expected to be completed within 22 to 24 months.
Additionally, Global Energy has been awarded a contract worth EGP445 million ($9.2 million) to develop infrastructure for the third phase of the Alburouj project. This contract involves the construction of 3-km of roads and the installation of approximately 44km of medium-voltage cables with a completion timeline of 16 months.
Imkan Misr CEO Ahmed Aref expressed confidence in the partnerships with Forward Construction and Global Energy, citing their extensive experience and proven track record in construction and infrastructure, which were key factors in their selection through a public tender process.
He mentioned the parent company's plans to increase the capital of Imkan Misr and expand into new markets in the Gulf states. This strategy aligns with the Egyptian government's initiative to attract foreign investment in the real estate sector.
He also said they have sold 4,700 units in Alburouj to date, and handed over 2,000 units, adding that the entire project, which is being developed in three phases, is scheduled to be completed by 2030.
Launched in 2016, the EGP100 billion ($2.1 billion) Alburouj is one of the largest integrated residential communities in New Heliopolis, and currently houses 1,200 families.
(1 US Dollar = 48.56 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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