Egyptian developer REDCON for Offices and Commercial Centres (ROCC) — fully owned subsidiary of REDCON Construction — announced this week the groundbreaking of its project, ‘Golden Gate.’
The mixed-use project (Retail, offices, and entertainment) spans over 160,000 sqm in New Cairo with an investment of up to EGP 20bn ($1.25bn).
ROCC intended to complete the development of Golden Gate over two phases within 7 years. The first phase will witness the development of 128,000 sqm, comprising 25 buildings with a total of 160,000 sqm in built-up area.
The project will feature standalone office and retail buildings along with mixed office and retail buildings. The first phase is scheduled to be delivered by the first quarter (1Q) of 2024. The second phase will feature four retail and office buildings as well as standalone retail buildings on a total built-up area of 32,000 sqm.
Hisham Moussa, the Managing Director and CEO of ROCC, stated that the company has a strategic vision to revolutionise the retail sector in Egypt and bring added value to the market through a unique and distinctive experience and offering.
“We aim to change the retail development map in Egypt by developing the area between the new and old capitals through the Golden Gate project. The Egyptian economy has undergone large-scale improvement in recent years, with sizable investments in infrastructure, road networks, and axes,” Moussa said.
“To develop the best architecture designs for Golden Gate, ROCC cooperated with six of the top specialised consulting firms, most notably WATG Office in London, Engineering Consultants Group, Amr Abdelrahman Consultant Engineers (AACE), International Consulting Engineers (ICE), and Hani Ali’s Engineering Office (EMG) to develop a design that combines modernity and originality in line with the surrounding urban fabric and, at the same time, reflects the Egyptian spirit, culture, civilisation, and the atmosphere of the old Downtown area.
ROCC was founded to develop mixed-use real estate projects. It has a paid-in capital of EGP 5bn and an issued capital of EGP 1.5bn.
