Moustafa Madbouly, Minister of Housing, Utilities, and Urban communities, announced the offering of 2,568 residential units in the suburbs of Madinaty and Rehab extension in new Cairo, reported Invest Gate.
The announcement came after the Cabinet’s approval. The units are scheduled to be made available in June 2016, and are planned to be offered to Egyptians living abroad.
“1,320 units will be offered in Madinaty and 1,248 flat in Rehab extension project. All units are completely finished with a variety of models, with sizes ranging from 58 square meters to 162 square meters, and are ready for immediate delivery,” stated Madbouly.
About the terms and conditions, Tarek Sebaei, Supervisor of Business Affairs in the New Urban Communities Authority, said that the primacy of units allotment process will be for early paid reservations, provided that the age of the applicant should exceed 21 years.
The price of one meter of buildings in Rehab extension is $800, and $575 in Madinaty. Reservation is through payment of 40% of the value of the unit upfront, in addition to 10% upon receipt of unit. The remainder of the amount will be paid according to a five year installment plan for Rehab extension, and a maximum of a seven year plan for Madinaty explained Sebaei.
Reservation procedures will be made through the website of the new urban communities authority.