Egypt’s real estate company Castle Development announced in a press conference on March 11 the launch of East Side, its latest project in the New Administrative Capital’s (NAC’s) MU23 zone, with investments worth EGP 800 mn.
To be fully delivered by 2021, East Side, which boasts a built-up area of 20,000 square meters, will offer medical, retail, and administrative spaces of 7,600 square meters.
Featuring easy access to a wide network of roads, the project overlooks NAC’s El Amal Axis which connects Ben Zayed North Road and Suez Road.
“Our performance at Castle Development is built on the understanding of the market; the demand for office, retail, medical real estate is growing across the board and the competition between developers is fierce, pushing all market players to invest in time and research to understand customers’ needs,” CEO of Castle Development Ahmed Mansour was quoted as saying.
“Developing a mixed-use that is in harmony with the thriving assortment of residential compounds does not only work as a connecting factor between communities, but also helps a super destination that attract investors and caters to a wide range of residents,” he added.
“The project’s master-plan employs an approach called Biophilic Architecture, it is mainly concerned with incorporating elements from nature into every aspect of layout,” according to Hany Saad, CEO of Hany Saad Innovations, which is responsible for designing and landscaping the project.
With a 50% dependence on solar energy, East Side is expected to comprise seven floors. It will include three interconnected complexes which has fully furnished clinics and office spaces up to 5,000 and 7,000 square meters, respectively. In addition, the project also includes a 7,500 square meters of retail area to comprise banks, pharmacies, and an assortment of F&B options. It also includes a 4,000-square-meter outdoor area and 800 underground parking slots.
On another note, the company will launch the second phase of of its Castle Landmark, which is set for delivery by 2022, with an investment of EGP 550 mn. This phase will cover 70,000 square meters, with expectations to offer 378 units.