Ahmed Mansour, CEO of cred, says that ever project achieves a great leap in the company’s sales after three months of being launched, as its sales reached EGP 700 mn in a short time, Invest-Gate reports.

Mansour adds that the company plans to deliver 100 units in Castle Landmark project in the NAC by the end of 2022. Further, it will start construction of ever project by 2023 in a step to complete the full project by 2026.

Concerning the targeted sales plan in H1 2022, Mansour points out that the company aims to achieve EGP 3 bn in sales. These sales are divided as EGP 1 bn from Castle Landmark project and EGP 2 bn maximum from ever project.

Additionally, about 80% of Castle Landmark has been sold since its launch, while some residential and commercial units remain in the project. The unit’s value is about EGP1.5 bn, but after cred raises the unit prices, these remaining units record about EGP 2.7 bn.

The company also aims to sell the remaining units in Castle Landmark project in the next two years, targeting EGP 1 bn in sales in H2 2022 and the rest in 2023.

Also, cred plans to pump EGP 1.1 bn, including EGP 450 mn in Castle Landmark and EGP 70-80 mn in ever project in 2022.

Mansour explains that the company has two land plots in the NAC. Moreover, the real estate developer plans to boost its portfolio in West Cairo and the North Coast.

cred has no intention to head to East Cairo, as it plans to kick off housing projects in the NAC’s market again in 2023.

In addition, cred is studying investment opportunities to acquire a plot of land in West Cairo with an area of ​​60 acres and another plot in North Coast ranging from 100 to 200 acres to implement new projects under the partnership system.