Saudi-Egyptian Construction Company (Secon) has signed design contracts for three new real estate projects worth E£2.5 billion ($327 million), said a report.

One of the largest companies operating in the real estate market, Secon is jointly owned by the Saudi and Egyptian governments.

These projects will be built in the areas of New Cairo, New Damietta and New Assiut on a 404,686-sq-m area, reported the Daily News Egypt, citing a top company official.

"The projects at both New Cairo and New Assiut are housing developments for the above middle-class category, while the one at New Damietta will be a tourism project," stated Secon CEO Darwish Hassanein.

The design for the New Cairo project, to come up on a 275,186-sq-m area, has been awarded to Sabbour Engineering Consulting, while Spine Architects, Urban & Environmental Planners has won the 68,796-sq m New Damietta project, said the report.

The New Assiut project, to be developed on a 44,515-sq-m area, has been clinched Soliman Consult Office.

Secon will start work on all the three projects in the second half of 2015, the report added.