Ora Developers Egypt has awarded two construction contracts, worth around 950 million Egyptian pounds ($49 million), to Redcon Construction and Concrete Plus for Phase 1 of ZED East project in New Cairo.

Additionally, the developer has appointed real estate consultancy JLL to provide oversight of the management and construction for the project from planning to hand over, it said in a press statement.

Phase 1 comprises of 400 residential units over a total land area of approximately 56 acres and includes apartments, duplexes, townhouses, and villas, the statement said.

The contractors started the mobilisation works on-site and the project is scheduled for completion within 30 months, it added

(1 US Dollar = 19.49 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)