Egypt's ROCC (Redcon for Offices and Commercial Centres) will start the construction of its 20-billion-Egyptian-pound ($1.3 billion) Golden Gate mixed-use project in New Cairo in the first quarter, a top company official told Zawya Projects.
 
ROCC is the real estate development subsidiary of Egyptian construction major REDCON.
 
Managing Director and CEO Hisham Moussa said Golden Gate would be completed in two phases.
He said: "Construction would start in the first quarter and the first phase, comprising 25 retail and office buildings, would be delivered by the first quarter of 2024 while the second phase, comprising of four office and retail buildings, will be delivered by 2029."
 
The project would be managed and operated by ROCC, he added.
 
ROCC Chairman Tarek El Gammal told Zawya Projects that Egypt's Real estate sector has managed to overcome the challenges thrown up by the COVID 19 outbreak.
 
He said: "West Cairo has become a destination for investors and developers since it's the nearest point to the New Administrative Capital, so we chose to execute Golden Gate in New Cairo. We plan to repeat the Golden Gate model and offerings in different governorates of Egypt under the same brand."
 

(1 US Dollar = 15.74 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@lseg.com) 

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