Castle Development CEO Ahmed Mansour revealed that the company has sold 80% of its new capital smart residential compound’s first phase, Castle Landmark, with foreign buyers acquiring almost half of the achieved sales, state-owned Al Ahram Al Iktisadi news website reports.

The strong confidence established by our sister company ABC in Jeddah has enabled Castle Development to tap into the markets surrounding the Gulf region and attract Arab buyers looking to invest in the Egyptian market, the CEO told Al Ahram Al Iktisadi on October 18.

According to Mansour, Castle Development has been adopting the approach of exporting Egyptian real estate products, highlighting that this helps developers in marketing their projects among new segments of clients.

Meanwhile, the developer is currently partaking in this year’s NextMove property exhibition, showcasing its newest upscale residential compound Castle Landmark, in cooperation with El Makassa – offering a 5% discount during the show.

Spanning across a built-up area of 41.5 acres, the smart community will be developed with total investments of EGP 5 bn, with a plan to be delivered by 2022, the company previously stated in a press release.

Located at the R7 site in the new capital, and next to the British University, the new project offers fully-finished units with central air conditioning and premium security systems. Units’ sizes range from 120 to 300 square meters, with varying modules.

According to Al Ahram Al Iktisadi, Castle Development has inked an agreement with MIG, one of its sister companies, to carry out the construction work of its new capital project, while the German-Egyptian Ökoplan, an engineering consultancy firm, was selected to set the landscape.