Cred is starting to deliver the first batch of units from its New Administrative Capital (NAC) project, CLM. Located on 43 acres of land, the first phase is currently habitable encompassing 100 residential units at the end of current August.
Cred aims to deliver the rest of all units in this phase by the end of 2023.
Eng. Ahmed Mansour, Cred’s CEO, expressed his joy with this accomplishment 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 will not be impacted and we will 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.”
“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,” Mansour added.
The CLM integrated residential project stands out because of its prime location in the NAC’s R7 neighborhood, close to numerous crucial services and facilities like the government district, the Central Business District, the Coventry British University, and the Green River. CLM has 4 phases: 1800 residential units and 196 commercial and administrative units (Castle Gate), including 476 residential units in various spaces that vary in size from 120 to 250m. Cred aims to work to the full extent of its capabilities during each phase of the project to complete it and deliver by the projected deadline and complete the delivery of the entirety of CLM by the end of 2024.
With its remarkable group of services and amenities, CLM is a real sample of a modern project that meets the scale of development in the real estate industry in Egypt. The project keeps pace with the state’s directives for integrating cutting-edge technology and applying sustainability, especially in the New Administrative Capital. As one of the biggest and most significant smart cities in Egypt, the Middle East, and Africa, CLM applies all sustainability-related elements, services, facilities, and integrated infrastructure. The project depends on 70% solar energy and 81% of the project’s total area of green and open spaces. CLM also includes an underground parking under the entire project, for the first time in Egypt, to facilitate accessibility passages for ultimate convenience for all clients.
CLM includes 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 units. With different spaces ranging from 65 to 220 m2 for commercial spaces and 50 m2 for the administrative offices, the construction works of Castle Gate is already under development and it is anticipated that the concrete casting will be completed in 2023 followed by the rest of the commercial area’s construction along with Cred’s ambitious plan to complete its current projects and expand its future projects around the country.