Cred delivered 200 Units in the First Phase of CLM New Administrative Capital
The pioneering real estate company, Cred has organized a media tour for a number of journalists and media professionals inside the CLM, the company’s first project in the New Administrative City (NAC) to inspect the latest developments in the project in terms of deliveries and construction updates. CLM project is situated on an area of 43 acres with total investments of EGP 5.6 billion.
During the tour, the media representatives were briefed on the significant progress of the construction works at CLM and the advanced steps taken, coinciding with the delivery of the project’s 1st phase. The company has delivered 200 units out of a total of 478 units in this phase, in addition to preparing the deliverable of all units in the 1stt phase along with 100 units in 2nd phase of the project. Simultaneously, work on the project is progressing rapidly to complete all its phases, with construction and building processes commencing in the third and fourth phases of the project. Cred has also contracted with two construction companies alongside MIG, the sister company to finish all stages of CLM within the specified timelines.
To achieve this, the company has focused all its efforts on completing the various construction stages of the project by investing over EGP 800 million allocated for the implementation operations during 2024, with the expectation that the investment volume will reach EGP one billion by the end of the year. The company has also developed a comprehensive plan to complete the project, including allocating EGP 1.2 billion as investments in CLM during the next year, 2025. In terms of sales, Cred has achieved sales worth EGP 3.6 billion from the project, having sold 86% of its units and still retaining 15% of the total project units that have not been marketed yet.
Eng. Ahmed Mansour, the CEO of Cred, along with a number of senior engineers working on the project, made care to provide the media representatives with a thorough rundown of all the goings-on at the CLM project site. They highlighted the efforts made by the team to complete the numerous construction works across the four stages with full commitment to quality, efficiency, and the specified implementation timelines. Mansour commented, “From the beginning, we have been working with a clear and defined vision based on credibility and transparency in our activities at Cred. Throughout the past six years, you have witnessed all our steps and been at the forefront of recognizing all our achievements and the progress made in our various projects”.
“You have been with us since the launching of CLM, witnessing its different implementation stages. Today, we are here together to see the extent of the achievement reached by the project, the completion of its 1st phase, which started actual deliveries last year, and our commitment to completing all project stages, demonstrating our full focus on implementation operations and timely delivery. Sustaining the provision of a product with global standards in line with the project located in one of the most significant national projects (NAC), the capital of the new republic, and a hub for investors from inside and outside Egypt,” Mansour continued.
CLM project is located in one of the most vital locations in the New Administrative Capital (NAC), in R7, comprising 1800 residential units and 250 administrative and commercial units (Castle Gate). The project consists of 4 stages and is sold in 5 stages. 70% of the total project area relies on solar energy, and 81% of the total area consists of green and open spaces.
The main plan includes a garage covering the entire land area for the first time in Egypt, aiming to provide ease of movement within the project and deliver the highest level of service to customers. The commercial area includes the “Castle Gate” built on an area of 20 acres with a total of 196 units, accommodating commercial and administrative activities. The implementation works for “Castle Gate” have been completed, and the engineering consultancy office “Okoplan” is responsible for preparing the engineering designs and overseeing the execution works.
