TATWEER MASR Development Company plans to apply to the New Urban Communities Authority to buy a 627-acre plot of land in the new city of October with a sale value of more than EGP 4 billion.
Sources close to the said that the development of Egypt has been interested for some time to acquire land in the area west of Cairo in order to diversify the portfolio of its urban projects between the east and west of the province beside the north coast and Ain Sukhna
The sources told Al Mal newspaper that the Authority put a 627-acre plot of land for sale in October at a price of 1,570 pounds and is expected to submit the development of Egypt to obtain it
The sources confirmed that the Tatweer Masr plans to establish an integrated construction project comprising villas and housing units with new ideas commensurate with its entry for the first time in the area west of Cairo
Urban communities announced the introduction of a plot of land located between the west of October Airport south of Oases Road to establish an integrated urban activity
The percentage allocated to housing land does not exceed 50% of the land area, and the construction rate of the buildings does not exceed 50% of the residential land in the project, specifying the duration of the implementation of the project by 8 years from the date of the first ministerial decision
. The company is committed to paying 10% of the value of the land within a month of its notification of approval of the allocation in addition to 15% administrative expenses and 0.5% for the Board of Trustees and the rest of the land is paid on 16 equal semi-annual installments, the first of which is due after 6 months of the down payment
The conditions also included the existence of a service area in the project such as: social and recreational activities other than commercial and educational activities.
It represents about 30% of the space allocated per service.
Founded in 2014, Development Egypt currently owns 4 economically and urbanely integrated construction projects.