Castle eyes EGP 3.5 bln contractual sales next year

Egyptian urban developer Castle is targeting contractual sales of 3.5 billion Egyptian pounds ($195.3 million) from its projects within 2019, chief executive Ahmed Mansour said on Monday.

The 3.5 billion pounds will be directed to execute new phases in Castle’s flagship Castle Landmark Compound and other commercial projects in the country’s new administrative capital, Mansour told Amwal Al Ghad.

Located in the new capital’s seventh residential district, Castle Landmark will include 1,800 units that will be completely delivered within 2022, he earlier said.

Located 45km (28 miles) east of Cairo, the anticipated new capital is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.

The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.