SECON to start residential project in Egypt new capital in Q2

Property developer Saudi Egyptian Construction Company (SECON) says it plans to start implementing its flagship Blue Vert in Egypt’s new capital within the second quarter of 2019.

SECON obtained the ministerial approval on the fully-fledged residential project, which is with investments of 6 billion Egyptian pounds ($335 million), its chief executive Darwish Hassanein told Amwal Al Ghad on Monday.

Spanning over 70 feddans, Blue Vert will include 60 buildings besides villas and apartments on spaces ranging between 70 square metres and 250 square metres, Hassanein added.

“We had achieved contractual sales of 1.8 billion pounds from our projects at the end of 2018,” he said, adding that SECON seeks to reach 2 billion pounds within the new year buoyed by the new project, Blue Vert.