Hassan Allam to Build Second Phase of East Hills for $500 Million
Grova awarded an additional $500 million construction contract to Hassan Allam for Phase Two of East Hills, bringing total project contracts to over $1 billion.
Real estate developer "Grova" awarded an additional $500 million construction contract to "Hassan Allam Construction" to execute Phase Two of the "East Hills" project in New Cairo, according to a press release.
Phase Two adds 334 feddans to the community, bringing its total area to over 600 feddans across two phases, after Phase One units completely sold out. Phase One spans 305 feddans in New Cairo and is based on a turnkey contract valued at $550 million.
Phase Two includes new types of villas with larger areas, a bigger main clubhouse dedicated to residents, and a new retail commercial destination, alongside an existing zone for fine dining, upscale retail, and offices.
This brings Hassan Allam's total contracts in "East Hills" to over $1 billion, at a time when "Grova" is implementing the same model in the "West Fields" projects in West Cairo, "Noor Khozam" in Riyadh, and "Madinat Al Irfan" in Oman.
What Do These Terms Mean?
Turnkey Contract: A contract in which the contractor undertakes the entire execution of the project until it is ready for use, in exchange for an agreed-upon amount.
Feddan: A unit of land area used in Egypt; one feddan is equal to approximately 4,200 square meters.
Development Phase: A part of a large real estate project executed and delivered in separate stages.
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