Engineer Ahmed Mansour, CEO of Cassel Urban Development Company, said his company is preparing to deliver the first phase of the Cassel Land Mark project, the administrative capital, this year, and is also targeting 1 billion pounds in sales.
Mansour explained that the volume of investments of the Castle Land Mark project amounts to 3.7 billion pounds, and the delivery of the first phase by the end of this year, and the completion of deliveries respectively according to the time programs, with the delivery of a phase every 6 months to be completed the delivery of the entire units of the project in December 2024.
He continued: The landscape work is currently being carried out, the duration of the project is 4 1/2 years, so the entire construction will be completed in 2024.
Over the past year, we have achieved 1.2 billion pounds in sales, and this year we aim to record sales of one billion pounds.
He answered a question that there will be an increase in prices that normally there will be an increase in prices and considered that the rate of increase achieved makes sense and supposedly an annual increase in prices by about 20% to attract interest in real estate investment and not think about investing in the tools of banks.
Cassel Land Mark is the company’s first and largest project in the new administrative capital on an area of 43 acres with a total investment of EGP 3.7 billion.
The project is located in sector R7, with 1,800 housing units and 196 administrative and commercial units (CastleGate).
Cassel Land Mark consists of 4 stages, sold in 5 stages, and the company has already completed more than 95% of the construction work for the first phase, with a total of 476 units.
64% of construction work has been completed in the second phase, 35% for the third phase.
While the drilling work has ended in the fourth phase of the project, the first units of the project are scheduled to be delivered from the fourth quarter of this year, and will be delivered until the end of 2024. Deliveries are completed successively in accordance with the time programmes, with a phase delivery every 6 months to complete the delivery of the entire project units by December 2024.
Cassel Land Mark is an environmentally friendly smart project, with 70% of the total project area based on solar energy, and 81% of the total area is green and open