Egypt's Hassan Allam to build luxury homes in $128m Aeon
The company plans to build the 20-storey Aeon Towers, with the first one to be delivered in 2022
Egyptian contractor Hassan Allam Construction has won a construction contract to build Aeon Towers, a multi-building development in Cairo.
Marakez, a property developer owned by Saudi Arabia’s Fawaz Al Hokair Group, awarded the pacakage.
Located within Marakez’s $128m (EGP2.2bn) flagship residential project, Aeon, the 72-metre Aeon Towers comprises 20 floors and will span 6.7ha.
Upon awarding Hassan Allam the project, Marakez's chief executive officer (CEO), Basil Ramzy said: “The complexity of the technical systems and the demands of the luxury amenities of the project required a particularly capable and experienced contractor to help bring the towers to reality. We are pleased to have reached terms with Hassan Allam Construction to be that partner.”
The masterplanned residential project will house 401 units, comprising studios, one-, two-, three-, and four- bedroom apartments, ranging from 85 to 665m²..
According to a company statement, the first of the two Aeon Towers will be delivered in 2022.
In October 2018, Hassan Allam revealed plans to float up to 44.3% of its shares on both the Egyptian Exchange and the London Stock Exchange.
In a note to investors that month, the company said it intended to use the proceeds to develop solar assets, fund its water platform, acquire a specialty engineering company, and support growth in construction and building materials.
The engineering, procurement and construction (EPC) arm of the Cairo-based firm is also building a desalination plant in Egypt’s New Mansoura City under a joint venture (JV) with Australian Securities Exchange-listed (AXS) Fluence Corporation for a $74m agreement.