Cairo – Mubasher: M squared has awarded REDCON Construction a major agreement to develop 59 residential buildings at Phase 1 Masyaf Ras El Hekma in the North Coast, according to a press release.

Valued at EGP 1 billion, the deal focuses on high-standard delivery and coordination for 45 lagoon chalet buildings and 14 lagoon villas.

Under the agreement, the first cooperation between the two entities, REDCON Construction will deliver a total of 376 keys during 18 months.

Masyaf completed the handover of 65% of the units by September 2025, which is six to 12 months ahead of schedule.

The project also integrates hospitality, retail, wellness, and food and beverage offerings, enabling immediate use from day one.

Karim Malash, Chairman and CEO of M squared, said: “This contract is just the beginning of a long-standing partnership. What matters most is working with partners who approach construction with the same level of discipline and long-term thinking that we apply to development.”

Omar El Gamal, CEO and Managing Director of REDCON Construction, commented: “Working with M squared allows us to engage early and coordinate closely across engineering, construction, and finishing to ensure that the developer’s vision is translated accurately on site.”