(MIG), Ashi & Bushnag Company (ABC), were founded in 1982 in Jeddah, Saudi Arabia by Eng. Taha Mansour and his partner Eng. Mohamed Idrees. With the expansion of their business, the companies moved their headquarters to Egypt in 1998.
Castle Development focuses on high-value residential, commercial and administrative projects in Egypt as well as the Gulf area. In 2017, Ahmed Mansour took over the reins of the company from his father, who remained Chairman of the company.
As part of an EGP 8 billion total investment plan in Cairo’s New Administrative Capital, Castle Development launched its first upscale smart residential compound, Castle Landmark in 2018 in partnership with El Makassa (Misr for Central Clearing, Depository and Registry).
Spanning an area of 43 acres, and with a total investment of EGP 5 billion, Castle Landmark is being implemented through five phases with a plan to be delivered in 2022. Ideally located at the R7 site in the new capital, adjacent to the British University and the Cathedral, the integrated smart compound comprises 1,800 units that combine efficiency and premium quality solutions with a 70% dependence on solar energy. The fully finished units, with central air conditioning and premium security systems, range in sizes from 120 to 300 square meters, with varying designs. The compound also includes premium amenities and facilities, such as a clubhouse, gym, and comprehensive parking spaces that cover the entirety of the project’s area, offering underground access to residents across the entire basement of the project. Castle Gate comprises the project’s commercial and recreational areas, all adjacent to the city’s Green River.
“Implementing the latest technologies and next generation services is imperative to our success,” said CEO Ahmed Mansour during the project’s launch ceremony. “We focus on details and all aspects that affect the comfort of residents, starting from where residents will park their cars, to what type of furnishing they may need. The goal is to create a design that is simple and ideal for everyone. We also make sure that the design complements the weather of the location,” he adds.
Castle Landmark is designed by Egyptian-German Okoplan Consulting Engineers, with cutting-edge, ultra-modern design concepts that involve elements of nature in every aspect and an allocation of 81% of the land area to greenery and open space. Eastside, the project’s business plaza, has been assigned to prominent Egyptian designer, Hany Saad, of Hany Saad Innovations. Negotiations are underway with prominent restaurants and stores to ensure that the plaza will include the best of the best recreational facilities.
With an investment of EGP 550 million, Phase I of Castle Landmark covers nine acres and comprises a total of 478 residential units, currently under construction. Phase II includes 239 residential units in an area of 17.5 acres, with a total investment of EGP 550 million.
Castle Development also recently unveiled the project’s third phase, Springfield. With an investment of EGP 450 million, and covering six acres of land, this phase consists of 238 unfinished residential units, with sizes ranging between 120 m2 and 285 m2., and includes special payment plans that go up to eight years. Construction at the Springfield phase will be underway towards the fourth quarter of 2020.
“We are committed to offering flexible and customisable solutions that fit our clients’ tastes, budgets, and plans for the future,” says Mansour about the philosophy behind his company’s decision to introduce unfinished units in Springfield, adding, “Progress is going according to schedule, promising smooth, timely, and high-quality delivery for every phase of the project.”
Mansour notes that there are 58 real estate companies building both residential and commercial projects in Castle Landmark’s direct radius at the new capital. He views this as a positive thing, as they indirectly push each other to the limit and raise expectations. “I try to be different and not offer the same thing,” he notes.
Beyond this massive project in the new capital, Mansour says that Castle Development is thirsty for expansion and strives to build projects all across Egypt. “I want to branch out to different governorates and cities, in the very near future. I love the Red Sea and I would love to work there. I’m also interested in the North Coast, which will most likely be our next stop,” says Mansour.
Looking to the future, Mansour believes that the real estate cycle typically incurs slowdowns and booms that occur interchangeably every five years. He is expecting another boom in two years. “There are very good opportunities in real estate right now. Anyone with a vision can see this. It’s very important to invest right now in order to enjoy the profits of one’s investment. My only advice to investors is to be careful with where they put their money and to check all legal papers and applicable legislations prior to investing,” says Mansour.