Egyptian real estate developer M squared has awarded a construction contract worth EGP 1bn to REDCON Construction to execute and complete 59 residential buildings at its Masyaf Ras El Hekma project on the North Coast. The 18-month contract covers the delivery of 376 residential units, including lagoon townhouses, twin houses, and chalet buildings, as part of the project’s first development phase. The agreement comes as M squared continues to accelerate on-site progress at Masyaf Ras El Hekma, where construction momentum has picked up in recent periods. The contract primarily covers lagoon-facing residential units, which form a key component of the project’s broader product mix. Masyaf Ras El Hekma is being developed under a comprehensive model that integrates residential, commercial, hospitality, and wellness elements, alongside supporting infrastructure and service components.

Source: Daily News Egypt March 17, 2026 18:55 UTC