ICEC

Saudi Egyptian Construction markets 60% of Riyadh SECON – phase I

Saudi Egyptian Construction Company (SECON) has completed marketing more than 60 percent of the first phase in its latest flagship compound project in New Cairo, Riyadh SECON.

Launched in April, Riyadh SECON will cover a total area of 68 feddans, with total investments ranging between 2.8 and 3 billion Egyptian pounds ($315.3-337.7 million).

Darwish Hassanein, chief executive of SECON, said achieving more than 60 percent of marketing signals the success Riyadh SECON is making as well as the credibility the company enjoys among its clients.

Hassanein said Riyadh SECON would include 1928 units to be built in three phases for above-medium income segment in cooperation with local construction companies.

The first phase will involve the establishment of 48 buildings, with total of 777 residential units. The second phase will include 36 buildings, with total of 460 residential units.

As for the third and final phase, there will be 36 buildings, with total of 660 residential units.

Units in Riyadh SECON will be on spaces starting from 145 metres to reach up to 195 metres, Hassanein added.

The project is scheduled for completion within 2019, he said.

SECON is a joint venture between the Egyptian and Saudi governments, established in 1975, With a joint capital divided equally between the two governments.

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