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Castle Development invests EGP 800m in East Side at NAC  - Daily News Egypt

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Castle Development invests EGP 800m in East Side at NAC 

Project offers medical, office retail spaces spread over 7,600 sqm, will be delivered by 2021


Castle Development, a real estate company which focuses on developing high-value residential, commercial, and administrative projects in Egypt as well as the Gulf area, presented East Side, its latest addition to the market. A mixed-use development, East Side offers medical, retail, and administrative spaces covering 7,600 square metres (sqm) of land in the New Administrative Capital’s (NAC) MU23 zone. 

The project’s built-up area of 20,000 sqm, the development sees EGP 800m investment and will be delivered by 2021.

The East Side project is developed between clusters of residential compounds residing in the area’s R2 and R3 zones, which are projected to host 300,000 residents, and within less than 1km from the Capital’s Central Business District and the towers zone developed by CSCEC. 

During a press conference held on Monday, Ahmed Mansour, the CEO of Castle Development, said that his company targets achieving EGP 1.2bn in sales of the project.

Mansour went on to say, according to research, that an integral element in the decision-making process lies in convenient access to transportation, where over 40% of buyers choose property based on the latter.

Furthermore, Mansour noted that the comprehensive project features a 7,500 sqm in retail area set to accommodate banks, pharmacies, an assortment of F&B options with sizes ranging 230 sqm and 53 sqm. Moreover, East Side enjoys a 4,000 sqm in outdoor area, and offers a total of 800 underground parking slots.

“In parallel to the launch of East Side, construction at Castle Development’s project, Castle Landmark, is progressing according to the set schedule. This month also sees the launch of the project’s second phase, which is set for delivery by 2022. With an investment of 550bn, this phase will cover 70,000 sqm, and is expected to offer 378 units with sizes ranging between 120 sqm and 285 sqm,” he elaborated.

The NAC is projected to house 7,000,000 residents accentuating the need to supply the demand for office, medical, and retail spaces, which has been growing exponentially over the past decade. 

Designed and landscaped by the renowned Hany Saad Innovations, East Side exhibits minimalistic, and modern concepts in planning. The project’s master-plan employs an approach called Biophilic Architecture, which is mainly concerned with incorporating elements from nature into every aspect of the layout. 

For his part, Hany Saad, the CEO of Hany Saad Innovations, explained that the project enjoys a 50% dependence on solar energy. East Side is set to reach seven floors, and it comprises of three interconnected complexes offering fully finished multi-disciplinary clinics and office spaces spreading over 5,000 sqm and 7,500 sqm, respectively with sizes ranging between 52 sqm and 91 sqm. 

 

Mansour highlighted the company’s commitment to constructive partnerships, and how it has been stamped on Castle Development’s brand name. The most recent collaboration has seen Dorra Group acting as a consultant responsible for Castle Landmark’s marketing, sales, delivery, operation, and property management.

“Our role is not only about making sure both parties reach their business objectives, but more importantly, we employ our line of services to cultivate a sustainable relationship with customers and maintain the level of quality they expect from us, as well as Castle Development,” said Ahmed Badr El Din, director of Business Development and Communication at Dorra Group.

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https://dailyfeed.dailynewsegypt.com/2019/03/11/castle-development-invests-egp-800m-in-east-side-at-nac/
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