Redcon inks $3.7 mln deal for smart homes project in New Cairo

Egypt-based Redcon Construction signed Tuesday an agreement worth 33 million Egyptian pounds ($3.7 million) to develop a new residential compound for Tabarak Holding Group.

“According to the agreement, Redcon will be the general contractor of the first phase of 90 Avenue residential compound located in New Cairo, assigned by Tabarak, to carry out the infrastructure works including water and sanitation networks as well as a number of residential units there,” Tarek El Gammal, chairman of Redcon, said.

The Phase One will see the construction of nine residential buildings over a 25 million sq m area at a cost of E£30 million ($3.4 million), stated the report citing Tarek El Gammal, the chairman of Redcon.

The first phase will be built over 10,000 square metres relying on the sustainable architecture that is run by smart house technology, El Gammal added.

Sustainable architecture seeks to minimise the negative environmental impact of buildings by efficiency and moderation in the use of materials, energy, and development space.