cred, a leading real estate developer, has announced the delivery of the first batch of units from its CLM project in the New Administrative Capital (NAC). The project, which covers 43 acres of land, consists of four phases with a total of 1800 residential units and 196 commercial and administrative units. The first phase, which is now ready for occupancy, includes 100 residential units that were handed over to their owners at the end of August. cred plans to deliver the remaining units in this phase by the end of 2023.
Ahmed Mansour, cred’s CEO, expressed his satisfaction with this achievement, saying: “Despite the enormous challenges we faced due to the global economic crisis, the increase of the price of construction raw materials and import difficulties, our main focus was doing our best to continue the company’s initial plan. I had one main goal which was that the project’s implementation process would not be impacted and we would maintain our clients’ trust that we have built up over time and deliver in the time promised. cred intensified its efforts to complete construction for all our different projects, including CLM, by accelerating the initial schedule of construction whilst constantly monitoring market changes to prevent unpredictable fluctuating prices for key materials.”
Mansour added: “Today we reaffirm our commitment towards our clients, starting by delivering CLM’s first units to 100 families. We hope to contribute even a little to the Egyptian state’s mission to implement its comprehensive urban plan, which reflects the volume of real estate development in various parts of the country, on top of which is the New Administrative Capital, the great national project that caught the attention of the entire world and became a turning point that attracted many local and foreign investments.”
The CLM project boasts a prime location in the NAC’s R7 neighborhood, close to numerous vital services and facilities such as the government district, the Central Business District, the Coventry British University, and the Green River. The project offers various sizes of residential units ranging from 120 to 250 square meters. cred aims to complete each phase of the project on time and deliver all units by the end of 2024.
The project also features an integrated commercial district next to its residential units. Castle Gate Mall, developed on 20 acres with a total investment of EGP 700 million, consists of 196 units divided between commercial and administrative spaces. The construction works of Castle Gate are already underway and it is expected that the concrete casting will be completed in 2023 followed by the rest of the commercial area’s construction.
CLM is a modern project that meets the standards of development in the real estate industry in Egypt. The project aligns with the state’s directives for integrating advanced technology and applying sustainability, especially in the New Administrative Capital. As one of the largest and most important smart cities in Egypt, the Middle East, and Africa, CLM applies all sustainability-related elements, services, facilities, and integrated infrastructure. The project relies on 70% solar energy and 81% of the project’s total area is dedicated to green and open spaces. CLM also includes underground parking under the entire project, for the first time in Egypt, to facilitate accessibility passages for maximum convenience for all clients.