Castle Development CEO Ahmed Mansour said the company targets achieving sales of EGP 2 bn in 2019 versus EGP 860 mn last year, driven by the launch of its newest smart residential compound in the New Administrative Capital (NAC), Castle Landmark, Invest-Gate reports.

Mansour exclusively reveals to Invest-Gate that the property developer plans to launch the second phase of Castle Landmark next month with an increase of 12% in units’ prices, particularly due to the distinguished units of this phase – which includes 380 units with varying areas and modules.

Encompassing 1,800 fully-finished housing units, Castle Landmark, which is being developed in cooperation with El Makassa, covers a total area of 41.5 acres in the NAC and is scheduled for delivery in 2021, according to the CEO.

He points out that the company is currently developing two other projects in the NAC; the first project is an administrative commercial development that stretches across an area of 7,200 square meters, with investments of EGP 1.5 bn.

The company has contracted with Hany Saad Innovations for the project’s designs – which are expected to be finished soon, Mansour stated, confirming that Castle Development will officially launch the new venture by early February.

Meanwhile, the second project is a 5,500-square-meter commercial center that is set to be leased to tenants, with investments worth EGP 800 mn.