The New Urban Communities Authority put a plot of land for a business in New Cairo for sale in March.
According to the authority’s data, the area of the plot amounts to 69,625 square meters, in the third sector in the center of the new city of Cairo
The Authority set the price per meter at 30,980,000 pounds, bringing the total value of the land to about EGP 2.157.818 billion.
The Urban Communities Authority has set a set of requirements, namely that the construction ratio of the project should not exceed 40% of the total area of the plot.
The duration of the project is five years, which is calculated from the date of receipt of the plot, according to the Authority’s data on its website.
The winner is obliged to complete the repayment rate up to 25% of the value of the land, and to pay the rest of the land in 6 equal semi-annual installments, the first installment of which is due six months after the scheduled payment date.
All installments are charged in accordance with the interest announced by the Central Bank of Egypt from the date of notification with the approval of the Board of Directors to the date of payment, in addition to 2% in accordance with the instructions of the Ministry of Finance, and 0.5% administrative expenses.