Egypt's Castle Development plans to begin delivery of its 3.7-billion Egyptian pound ($236 million) Castle Landmark project in the New Administrative Capital (NAC) from August 2022, the company CEO told Zawya Projects.
Ahmed Mansour said the 1,800-unit residential compound will be completed by 2024 while its commercial portion, the 700-million-pound ($45 million) Castle Gate mall, will be completed by the first quarter of 2023.
The 196-unit Castle Gate mall, spread over an area of 20 acres, has been designed by OKOPLAN Engineering, he said.
Mansour said the delivery of 476 residential units under Phase I will begin from August 2022.
A press statement issued by the developer had said Phase 1 is 85 percent complete; Phase 2 and Phase 3 are 35 percent and 5 percent complete respectively, and Phase 4's ground excavation is complete.
Meanwhile, excavation works have been completed for Castle Development’s 800-million-pound ($51 million) East Side commercial project in the NAC, the statement said. The 9-storey project will offer 207 units for shops, offices and clinics.
(1 US Dollar = 15.68 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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