Redcon launches LE 2 bln Medical District project
CAIRO – 6 November 2017: The first phase of the LE2 billion ($110 million) Alburouj Medical District project, between Suez and Ismailia roads, is set to launch on November 17, chairman of Redcon Medical Parks and CEO of Redcon Development Hazem Ashry stated Monday.
The first phase starts with an 11,000 square meter building to accommodate nine types of independent clinics, polyclinics, a pharmacy, lab, diagnostic center, gym, wellness center, restaurants and coffee shops, which will later be followed by three further buildings, including a hospital. The first phase is expected to be completed by 2020 and the whole project, with a 30 kilometer radius, should be operational by 2023, Ashry announced. The news came during a press conference by Redcon Medical Parks, a newly founded provider for healthcare real estate development services and a subsidiary of Redcon Development, to mark the launch of its first project, in cooperation with Capital Group Properties (CGP). Redcon’s gated healthcare facility is situated in CGP’s Alburouj community on Ismailia road and surrounded by highly populated communities, such as El Shorouk, Obour City, Oraby, 10th of Ramadan, Stella and New Heliopolis. “We were looking for a location that is highly populated and where the population is still on the rise,” Ashry explained, affirming that “the project targets all classes of the society.” The location was further based on an independent market research conducted by “Accsight” to assess the access and convenience of physicians and patients in the area. “Building a medical facility is very different than constructing any other sort of building. There are many eventualities that those building medical facilities need to take into account,” chairman of Redcon Group Tarek El Gammal stated. The Medical District project is funded by RMP and a number of other sources, Ashry stated, including clinics sales and loans. It is also seeking national and international investors in the healthcare field. As for the target market for doctors, the medical district is only looking at key high-ranking professionals to ensure the operation of the project, Ashry stated. The clinic space ranges from 30 square-meter polyclinics to much larger built-to-suit independent clinics, which will be sold in five installments and delivered within three years. In addition to being an attempt to fill a “huge” gap in the health sector in Egypt, the project is also set to serve as an onset; a stepping stone to attracting medical tourism, Ashry stated. Redcon is launching a specialized company to establish schools in Egypt, which will be announced soon, Ashry revealed