Castle Development, a leading company that focuses on developing high-value real estate, has recently announced it has changed its company name to “Cred”. The rebranding came to comply with the new strategy and foremost new vision of “cred” to keep pace with market changes and modern global trends in the field of real estate developments.
“cred”, is preparing to launch its new integrated mixed-use residential project that will span on an area of 40 acres in a very prime location in Sheikh Zayed in the western Cairo region. In addition, it is currently looking to diversify its investment options in many vital and strategic areas of the country in East Cairo and the North Coast to fulfil its ambitious expansion plan and new vision to introduce to its customer base a top-notch exclusive modern, sustainable and safe communities, building on the great successes it has achieved over the past years, which enabled the company to realize its sales targets despite the challenges and maintaining a strong customer base that trusts “cred” and its great capabilities to provide unique and innovative products through the major milestones they witness in its flagship project “Castle Landmark” in the New Administrative Capital.
“cred” new innovative vision is set to keeping pace with market changes and modern global trends, so it reflects a new business move. Therefore, the company has sought during the last period to make a huge leap in its cadres, through hiring a distinguished group of competencies and expertise in the field of real estate development, to ensure the continuation of the success, the enhancement and the significant quality of offerings that the company started with.
Commenting on this important step, Engineer Ahmed Mansour, CEO of “cred”, stressed: “We seek to benefit from the great successes we have achieved during the recent period, especially in our pioneering project in the New Administrative Capital, the capital of the new Republic, the most important and largest national project in the country, through an integrated vision and strategy, during which we expand our business volume and enhance our presence in the Egyptian real estate market in the coming period, hence we thought of entering a vital and very important destination such as the west of Cairo, specifically in the Sixth of October City, to develop our latest projects.”
“We will work extensively during the coming period to do our ultimate efforts as usual to provide an added value to the Egyptian real estate market, diversify our projects geographical presence in the country, and present a new vision in the real estate development world. Therefore, we invested in our human resources by bringing on board a group of cadres who have outstanding experience in the real estate market, to join the great experiences of those in charge of the company, who had great credit for the achievements made in the past period, believing that work teams within companies are one of the most important aspects of successful investment.” Mansour added
“cred” was able to achieve total sales of more than EGP 4 billion in its flagship and largest projects, "Castle Landmark" in the New Administrative Capital, out of a total target of EGP 5 billion, since the project's launch, including contractual sales of EGP 1 billion during the past year 2021 for the residential area in addition to EGP 200 million sales achieved for the commercial part “Castle Gate” Mall.
“Castle Landmark” is a mixed-use project spanning over a 43 acres of land with total investment of EGP 3.7 billion, introducing an integrated, smart residential compound, including 1800 residential units in addition to 196 administrative and retail units “Castle Gate”.
“cred” has launched the 5th phase of “Castle Landmark” last year 2021, with a total number of 500 units that are currently being marketed. Delivery of the 1st phase is scheduled to start in the last quarter of this year, then deliveries will be completed according to schedules, with a phase delivery every 6 months to complete delivering of the entire project by December 2024.
“Castle Landmark” provides an integrated set of services that meet all the needs of its customers and provide them with an optimal lifestyle. It also includes the commercial and administrative area with the “Castle Gate” mall, which is located on an area of 20 acres with a total investment of 700 million pounds and the number of units of 196 units, and includes commercial activities and administratively, the construction work is running in the project completing the excavation work.
“East Side” is the 2nd projects of “cred” in the New Administrative Capital, an administrative, medical, commercial project in District MU23 with a total investment of 800 million pounds, planning to be launched in the second half of the current year 2022. The company aims to achieve contractual sales of 400 million pounds from the project during this year, and it includes medical and administrative spaces and retail stores. The project relies on solar power to supply 50% of its energy demand.
The excavation work has been completed in “East Side”.
“cred” focuses on the development of high-end real estate projects in Egypt, including residential, commercial, and administrative developments. Since its inception, cred has made a priority to offer its customers unique services; high standard projects and smart solution, through strategic planning and innovative vision.