Emaar Misr awards Innovo EGP 7.1bn Marassi Red phase one contract
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Innovo Construction will build and finish 213 villas and townhouses across two parcels at the Red Sea development under a 27-month contract valued at about EGP 7.1 billion ($132 million).
Innovo Construction has signed a contract with Emaar Misr to execute construction works for Phase One of the Marassi Red project on Egypt's Red Sea coast, in a deal valued at approximately EGP 7.1 billion ($132 million).
The contract covers the construction and full finishing of 213 residential units, including villas and townhouses, across Parcels 3 and 5. Parcel 3 accounts for 102 units and Parcel 5 for 111 units, with a total built-up area of 109,352 square metres spread over a combined land area of 361,047 square metres.
Innovo will provide infrastructure, civil engineering services and external development, including large-scale construction and refurbishment of villas and townhouses, infrastructure networks, roadworks and earthworks across both parcels, alongside landscaping in Parcel 3. Additional works include security facilities and boundary walls around the residential units, artificial lakes across both parcels and soil stabilisation.
The project is scheduled for completion within 27 months of the contract date. "This collaboration marks a continuation of our strong and longstanding partnership with Emaar Misr. The project represents an important addition to Egypt's tourism development landscape," said Eng. Mohamed Gamal, Managing Director of Innovo Construction.
Innovo is a global construction and built environment company that designs, engineers, builds, develops and finances infrastructure for major real estate projects across four continents. The company says it is currently engaged in construction and development work on more than 130 projects spanning luxury residential developments, villa communities, educational facilities, commercial centres and urban infrastructure.