UAE's ASGC wins $84m City Edge contract for Egypt's Etapa Square
Contract comes as developer awards separate $10.5m deal to Redcon Spain for Etapa homes in Sheikh Zayed City
Egypt-based real estate developer City Edge Developments, which was formed in 2017 as a partnership between the country's New Urban Communities Authority and the Housing and Development Bank, has awarded an $83.6m contract to Dubai-headquartered construction giant ASGC for its mixed-used Etapa Square project, located in Sheikh Zayed City.
The contract award came as the developer signed two separate construction contracts for its Etapa and Etapa Square projects, with the former development's contract, worth $10.5m, going to Redcon Spain, a subsidiary of Redcon Construction.
ASGC will carry out infrastructure, construction, finishing, and landscaping works for administrative, commercial, and leisure buildings within Etapa Square, which was launched in 2018.
The UAE company will implement its contract in 30 months, which includes the procurement of resources and supplies for the project.
Happy for ASGC Egypt’s new win - ETAPA Project by @CityEdgeEg . A new exciting project for our group! #ExpectMorehttps://t.co/34Tcs9Pcse#newproject #construction #Egypt #ASGCgroup pic.twitter.com/nyPyZ9lx3t— ASGC (@ASGCUAE) June 2, 2019
Redcon Spain, meanwhile, will implement construction and finishing work for Phase 1 of Etapa, which includes residential complexes.
The homes are scheduled to be delivered by 2021, and the project's business complex is due for completion in 2022.
Commenting on the contract win, chief executive officer of ASGC, Bishoy Azmy, said: “Our capabilities and expertise and reliance on high technology applications will be applied in the implementation of the construction processes of [Etapa Square]."
According to the chief executive officer of City Edge Developments, Amr Al Qadi, more than half of Etapa’s residential units have been sold since its launch in 2018.