SECON eyes 2 bln Egyptian pounds contractual sales this year

Property developer Saudi Egyptian Construction Company (SECON) targets contractual sales of 2 billion Egyptian pounds ($112.9 million) from its projects within 2018, said chief executive Darwish Hassanein on Tuesday.

Contractual sales earlier stood at 1 billion pounds at the end of 2017, Hassanein further told Amwal Al Ghad.

“The company achieved a 78 percent growth rate in the volume of investments last year,” the Egyptian official noted.

Hassanein added that SECON has signed a contract with Egyptian New Administrative Capital Company for Urban Development to market a new flagship in the county’s new capital city.

The company will start promoting its new project in the country’s new administrative capital before getting the government’s approval on it, he added, saying “I expect to have it soon”.

SECON also seeks to start the works before the end of the first quarter of 2018, with total investments worth around 4 billion pounds, Hassanein said.

Located some 40km to the east of Cairo, the under-construction capital is part of the government’s plan to expand urban areas to deal with the country’s rapid population growth and improve the nation’s infrastructure.

The new capital will be a 270-square-mile hub with 21 residential districts to accommodate five million people.

It will feature 1,250 mosques and churches, a 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.