Redcon Medical Parks is launching 100 polyclinics in its new Al Burooj Medical District, which announced its launch last week. The company launched the project with an investment of EGP 2bn, which is being developed by Capital Group Properties. Hazem Ashry, chairman of Redcon Medical Parks and CEO of Redcon Development, said that the company will market the first phase of the Al Burooj Medical District project in the middle of the current month with targeted sales of EGP 300m. Ashry told Daily News Egypt that the expected sales of the whole project are estimated at EGP 2bn. Ashry added that the first phase of the project is on an area of 11,000 sqm, with 7,000 sqm of underground parking and 7,000 sqm of surface parking, and it includes 100 fully finished polyclinics. He noted that the first phase will be fully marketed within a year. It is planned to start implementation in March 2018. The company will complete and hand over the first phase by the end of 2020 or the beginning of 2021. "The rest of the other phases will be implemented in a sequence so that by the end of 2023, the four phases of the project will be in full operation," Ashry added. "The company is executing the Al Burooj Medical District project, in partnership with the Capital Group Properties Real Estate Development Company, on an area of 33,000 sqm in four phases, and the company will manage the project after its completion." He pointed out that the company will depend on the self-financing and marketing revenues of the project during the current period, adding that the company will have to get loans from banks only in the case of need, especially with the high cost of borrowing currently due to the high interest rates. From his part, Tarek El Gammal, chairman of Redcon Development Company, said that the company is developing an administrative building in Fifth Settlement, New Cairo with investments of EGP 2bn, and the company will announce the project within two months. El Gammal added that the new project is on 25,000 sqm and will be leased to a bank or a big company. El Gammal noted that, in the current year, his company will hand over the Bank Audi building on a 35-sqm area, and will hand over a building for Pharco Pharmaceuticals. He revealed that the company has developed Shifaa-Orman Cancer Hospital on 13,000 sqm, and it was implemented within six months, with investments of EGP 2bn. The company also seeks acquiring lands in the New Administrative Capital, according to El Gammal.
