Egyptian real estate developer M squared has awarded a EGP 1bn construction contract to REDCON Construction for 59 residential buildings at its Masyaf Ras El Hekma project on the North Coast. The 18-month contract covers delivery of 376 residential units. This marks the first collaboration between the two firms.
Egyptian real estate developer M squared, the real estate arm of Intro Investment Holding, 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. This is the first collaboration between M squared and REDCON, amid accelerating on-site progress, with some units already handed over in 2025. Planned as an integrated coastal destination, the development combines residential offerings with hospitality, retail, and service facilities for year-round use. Karim Malash, Chairperson and CEO of M squared, said the partnership reflects the company’s strategy of working with contractors capable of delivering large-scale developments while maintaining quality standards and timelines. He added that cooperation with REDCON is expected to extend into future phases. Omar El Gamal, CEO and Managing Director of REDCON Construction, noted that the partnership enables close coordination across engineering, construction, and finishing stages, supporting efficient project execution, and that the agreement could open the door for further collaboration. The contract primarily covers lagoon-facing residential units, a key component of the project’s product mix. Masyaf Ras El Hekma integrates residential, commercial, hospitality, and wellness elements alongside infrastructure. The agreement underscores continued construction momentum along Egypt’s North Coast.