Castle Development aims to invest EGP 700 million in construction works of its three projects in the New Administrative Capital during 2021, according to its CEO Ahmed Mansour
The property developer plans to inject investments of EGP 6.6 billion into these projects over four years, Mansour revealed.
The CEO further added that Castle Development achieved EGP 1.06 billion in sales during 2020 amid the coronavirus crisis, compared to a target of EGP 1 billion.
The company plans to generate EGP 1.2 billion in contractual sales during 2021, including EGP 1 billion from its residential project named “Castle Landmark”, and EGP 200 million from a commercial project.
The EGP 3.7 billion Castle Landmark features an integrated, smart residential compound over 43 acres. It includes Castle Gate mall which is built over 20 acres with 196 administrative and commercial units.
Construction in phase one, which includes 476 units, reached 85% and phase two is 35% finished, while phase three is 5% finished. Delivery for phase one is expected to take place in August 2022, while phase two is scheduled in the first quarter (Q1) of 2022, and phase three after six months from phase two. The full project will be delivered by the end of 2024.
Moreover, the company is developing another project which is East Side building with investments of EGP 800 million. The digging phase has already finished and the building is constructed over 7,600 square metres (sqm).
