Real estate company, Castle Development, recently announced updates on the status of construction at Castle Landmark, their first project in the upcoming New Administrative Capital. Castle Development focuses on high-value residential, commercial and administrative projects in Egypt as well as the Gulf area.
Launched in 2018, Castle Landmark, covering 43 acres to be delivered over 5 phases, is the result of a partnership between Castle Development and renowned El Makassa, where the former acts as the developer. With an investment of EGP 5 billion, the Castle Landmark project, with delivery starting in 2022, introduces an integrated, smart residential compound, with 70% of its overall area running on solar energy. The master plan also includes an underground parking space that covers the entire area of the project, the first of its kind in Egypt. Ideally located on R7 site in the New Administrative Capital, 81% of the project’s landscape consists of green areas allowing residents to savor the peaceful suburban lifestyle adjacent to the city’s Green River.
With an investment of EGP 550 million, phase I of the project covers 9 acres; meanwhile phase II will also see EGP 550 million in investment, and will spread over a land area of 17.5 acres. A total of 478 units are currently under construction for phase I, with their drilling work now complete; while progress on phase II, including drilling, is underway across its 239 units.
Castle Development also recently revealed that construction of Springfield, the third phase of Castle Landmark, will get underway towards the fourth quarter of 2020. With an investment of EGP 450 million, this phase covers 6 acres and includes 238 unfinished units ranging in size between 120 m2 and 285 m2. Customers will be offered payment plans that reach 8 years. Explaining the rationale behind delivering the units unfinished, Eng. Ahmed Mansour, CEO of Castle Development says, “We are committed to offering flexible and customizable solutions that fit customer’s tastes, budgets and plans for the future.”
Castle Development’s investment in the New Administrative Capital also includes a second project, East Side. This is a comprehensive mixed use facility located within MU23 zone at the New Administrative Capital spread over an area of 7,600 m2. The EGP 800 million investment is designed and landscaped by renowned Egyptian architect Hany Saad Innovations and is set for delivery in 2021.
“Our responsibility as developers, especially in an area that signals a paradigm shift in Egyptian urban living, compels us to deliver on commitments and obligations. 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,” says Eng. Mansour.