Egypt-based 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, Invest-Gate reports.
Construction of the 43-acre project is in full swing as drilling work for phase I is completed and getting underway at the second phase. The mixed-use development is set to be implemented over five phases and poised for delivery by 2022, the property developer revealed in a press release on December 3
Castle Development stated that 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.
“With an investment of EGP 550 mn, phase I of Castle Landmark covers 9 acres. Meanwhile, phase II will also see EGP 550 mn in investment and will spread over an area of 17.5 acres,” read the statement.
“With an investment of EGP 5 bn, Castle Landmark introduces an integrated, smart residential compound, which runs on solar energy that feeds 70% of its overall area. Ideally located in NAC’s R7 District, 81% of the project’s landscape exhibits green views, allowing residents to savor the peaceful suburban lifestyle adjacent to the city’s Green River,” it added.
Commenting on the move, CEO of Castle Development Ahmed Mansour noted, “We capitalize on our shareholder experience in a variety of markets to drive stability and accelerate construction processes, which has so far yielded the results we are witnessing … The progress is going according to schedule, promising smooth, timely, and high-quality delivery.”
Last summer, the Egyptian developer launched the third phase of Castle Landmark, named “Springfield,” with investments valued at EGP 450 mn. Covering 6 acres, the phase offers 238 unfinished properties, with sizes ranging between 120 and 285 square meters, with clients leveraging flexible payment plans of up to eight years.
The CEO underlined that shifting to another type of units offered in phase III comes in line with the developer’s endeavors to provide clients with different options to invest in premium-quality real estate at the NAC. “We are committed to offering flexible and customizable solutions that fit their tastes, budgets, and plans for the future,” Mansour was quoted as saying.
“Construction at the Springfield phase will go underway toward Q4 2020,” he pointed out.
