PROJECTS: Egypt's ORA Developers launches second phase of ZED East

Construction contracts awarded for first phase of ZED Sheikh Zayed

  
Construction worker on scaffolding in construction site. Image used for illustrative purpose.

Construction worker on scaffolding in construction site. Image used for illustrative purpose.

Getty Images/ Chaiyaporn Baokaew

ORA Developers launched the second phase of its 100 billion Egyptian pounds ($6.3 billion) ZED East project, located in New Cairo.

The announcement was made at a press conference on Tuesday.

Speaking to Zawya Projects on the side lines, company chairperson and CEO Naguib Sawiris said the second phase comprises of 500 units while the 400-unit first phase has achieved sold-out status with sales revenues worth 1.7 billion pounds ($108 million).

"We plan to start construction of first phase of ZED East in the first quarter of 2021. The first phase also includes a 45-acre sports club," he added

Ora Developers has also awarded construction contracts worth 5 billion pounds ($317 million) for the first phase of its 40 billion pounds ($2.5 billion) ZED Sheikh Zayed project in 6th of October City.

Company CEO Haitham Mohamed told Zawya Projects that the contracts for 'Phase 01B' were awarded to Redcon Construction and Rowad Modern Engineering.

UK-headquartered Mace has been appointed as the project management consultant, he said.

Earlier, in May, the developer had appointed Orascom Construction as the main contractor for Phase 01.

ZED Sheikh Zayed consists of six phases with over 4,500 fully finished residential units and an administrative commercial complex, according to Orascom's May press statement. The first stage awarded to Orascom Construction includes around 600 housing units, a three-storey garage, a two-level mall and four 17-storey apartment towers.

In May, Ora Developers had signed an agreement worth one billion pounds ($63 million) with Banque Misr for funding the first phase of ZED Shaikh Zayed.

(1 US Dollar = 15.78 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

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