Egypt’s Castle Development signed a memorandum of understanding (MoU) with Ashi and Bushnag Company (ABC) to provide consulting and facility management (FM) services to the former’s flagship project, Castle Landmark, Invest-Gate reports.

The agreement was signed in the attendance of Castle Development CEO Ahmed Mansour and Mohamed Amin Bushnag, a representative of ABC, alongside other representatives from both entities. This reflects the real estate developer’s efforts to introduce high-value residential, commercial, and administrative projects, according to a press release on February 4.

The 478 fully-finished residential units are under construction for the project’s first phase, in parallel with works on 239 fully-finished properties as part of phase II, emphasizing that concrete works and construction of bearing walls for apartment buildings are also in progress, the company earlier noted.

Commenting on the news, Mansour noted, “This MoU represents a paradigm shift towards providing comprehensive products with upscale post-sale services. This ensures our project’s ability to meet the rapid progress taking place across the real estate industry, as well as, maintain quality and smart solutions that offer round-the-clock services.”

The FM industry has been witnessing a “significant growth” over the last 20 years, as more companies join the market to meet the increase in urban development, and thus the demand for quality post-sale solutions, as well as provision of a sturdy infrastructure. The FM market is projected to reach a value of USD 1.74 bn (EGP 27.453 bn) by 2026, according to the statement.

On his part, Bushnag noted, “We aim at employing our wealth of experience in the field, in Egypt and the Gulf area, to best serve the project and offer an unparalleled, comprehensive experience.”

In December 2019, Castle Development has allocated about EGP 100 mn to complete 15% of construction works at phase I of Castle Landmark in the New Administrative Capital (NAC) before year-end.