Egyptian real estate developer cred has started handing over the first batch of residential units in the initial phase of its New Administrative Capital (NAC) project CLM, the company said on Tuesday.

The first phase includes 100 homes out of a total 1,800 units planned in the 43-acre development, cred CEO Ahmed Mansour told Reuters, with remaining units slated for delivery by end-2023.

Located in the NAC’s R7 district near key facilities, CLM provides variously sized apartments from 120-250 sqm across four phases, with all units due for completion by end-2024, Mansour said.

Despite global economic headwinds and high costs, cred intensified construction to maintain timelines and buyer trust, he added.

“We reaffirm our commitment to clients, starting with CLM’s first families,” Mansour said, hailing the NAC as a national project attracting investment.

CLM deploys renewable energy and green spaces covering 70% and 81% of land respectively, with underground parking a first for Egypt

Separately, CLM’s integrated Castle Gate Mall on a 20-acre site includes 196 commercial and administrative units totalling some EGP 700 mn. Concrete works are underway for units ranging 65-220 sqm, cred said.

The developer, with paid-in capital of 1 billion pounds, focuses on high-value residential, commercial and administrative real estate nationwide.