REDCON Properties, a subsidiary of REDCON Group, has announced record-breaking sales for 2024, reaching EGP 12 bn, which brings its cumulative sales to EGP 23 bn since the launch of the Golden Gate project in 2022, Invest-Gate reports.
“The remarkable sales growth of Golden Gate is a testament to our ability to deliver real estate projects that meet market needs while also serving as a benchmark for sustainable architecture,” said Eng. Tarek El-Gammal, Chairman of REDCON Properties. “Moving forward, we remain committed to developing similar projects that add value to Egypt’s real estate sector while ensuring the timely execution of Golden Gate according to the established schedule.”
“We invested EGP 5 bn in 2024 to accelerate Golden Gate’s development, achieving significant progress in construction and initiating the handover of the first phase to our clients. In 2025, we plan to increase our investments to EGP 7 bn to inaugurate the first phase by the third quarter, while aiming to achieve EGP 18 bn in sales by year-end,” he added.
Launched in 2022, Golden Gate is a landmark mixed-use development spanning 160,000 sqm in the heart of New Cairo, with total investments of EGP 20 bn. The project features 29 buildings, comprising commercial and administrative spaces, designed across five distinct zones within the development.
To bring this vision to life, REDCON Properties collaborated with a consortium of renowned consulting firms, including WATG London, SWA for landscape design, Dr. Amr Abdelrahman Consulting Engineers (AACE), Omran & Arc Vision for architectural design, and Eng. Hani Ali’s EMG, ensuring a design that seamlessly blends modernity with heritage, in alignment with the surrounding urban fabric.
Additionally, EHAF Consulting Engineers oversees construction supervision, while Polar Project Management is responsible for project management. Dr. Osama Aqil leads traffic and road planning, and Walker Consultants, one of the world’s leading firms in parking solutions, has designed Egypt’s largest indoor parking facility within Golden Gate, accommodating 8,000 vehicles.
Strategically located in the heart of New Cairo, Golden Gate boasts the largest frontage overlooking South 90th Street, directly opposite the American University in Cairo (AUC). The development offers a unique retail and entertainment experience, incorporating the walkable downtown concept alongside sustainability-driven solutions that reduce energy consumption by 53% and water usage by 44% compared to traditional buildings.