The Housing and Development Bank has witnessed a large number of applicants in its Mohandiseen and Abas El Akkad branches looking to reserve units located in Rehab and Madinaty, Al Borsa reported.
The units were offered last week by the Ministry of Housing, Utilities, and Urban Communities targeting middle-income citizens who were allowed to reserve units from the 5,400 units offered in Rehab and Madinaty in addition to 10,600 units offered under the Dar Misr program.
The Housing Ministry was reportedly already studying the possibility of adding additional residential units on offer in Rehab and Madinaty, considering the demand for the 5,400 units had been met in only five days, Al Borsa reported on Saturday.
The New Urban Communities Authority has offered 3912 units in Madinaty and 1488 units in Rehab with floorplans ranging from 58 to 162 square meters. The units are completed and are ready for immediate handover to buyers.
The price per square meter in Madinaty is EGP 5950 and EGP 7600 per square meter in Rehab, aside from special units that are classified according to location and storeys. The pre-payment for unit reservation is 50% of the total selling price of the unit and the remaining is paid over three annual installments. NUCA seeks to bring in revenue of EGP 3.2 billion from selling units in Madinaty and Rehab.