Castle posts $48mn contractual sales from Egypt new capital’s residential project

Egypt’s urban developer Castle says it posted contractual sales of 860 million Egyptian pounds ($48 million) from its project at the seventh residential district in the country’s new capital during 2018.

The sales will be driven by the rise in real estate market activity and the launch of new phases within 2019, Castle’s chief executive Ahmed Mansour told Amwal Al Ghad on Wednesday.

The company is set to start executing the residential project over 41.5 feddans next March, Mansour said, adding that it will include 1,800 fully furnished units.

“We plan to launch the project’s second phase next month, with around 380 units,” he said.