City Edge Developments (CED) signed on May 29 contracts with Dubai-based ASGC and general contracting company Redcon Spain to carry out the construction works of ETAPA and ETAPA Square, west Cairo, Invest-Gate reports.

This came during a press conference held at Sofitel Cairo Nile El Gezirah, where CED announced that it will be investing a total of EGP 1.6 bn into the construction of both projects. Under the deals, residential units of ETAPA’s first phase will be constructed and ready for delivery to clients by 2021, while ETAPA Square will be handed over during 2022 – both located in Sheikh Zayed, 6th of October City, according to a released statement.

According to the contract inked with ASGC, the company will carry out construction and finishing works of ETAPA Square – the commercial, administrative, and leisure component of ETAPA project, in addition to its infrastructure and landscaping, at a total cost of EGP 1.4 bn.

ASGC is expected to finish its scope of work within 30 months, including the stage of processing the resources and supplies required for implementing the turnkey project, which is scheduled to be delivered in 2022. Developed over 14 acres, ETAPA Square will include a piazza, walkway, children’s park, family entertainment hub, medical center, commercial mall, in addition to three administrative buildings, a fitness center, and an underground parking lot.

Meanwhile, the other contract with Redcon Spain includes the construction and finishing works of the first phase of ETAPA, where it will establish 108 turnkey housing units within two years for EGP 175 mn.

Redcon Spain will also be responsible for laying the foundations of these units and the erection of their concrete structures. The built-up area of ETAPA’s first phase stretches across more than 22,000 square meters, the statement noted.

Commenting on the signing, CEO of CED Amr El Kady said, “The company is entering a new era in the implementation of ETAPA, where we are already starting to move towards achieving our goals,” adding, “Since ETAPA’s launch back in 2018, the firm managed to sell 50% of the project’s units and it is currently marketing the third phase of the compound.”