Land plots measuring a total of 13 acres have been prepared to develop a commercial/service project in New Minya City with the meter square priced at EGP 1,315, according to Mohamed Al Kosary head of the City’s Authority, reported Al Mal.
The city has previously requested NUCA to offer 15 land plots to construct a mall, university, and schools. Furthermore, the city will be offering six retail stores for sale in January 2017.
Investors have plans to build small commercial malls to serve the city’s residents following the Ministry of Housing, Utilities, and Urban Communities’ suggestion to build a hypermarket. This is believed to overcome the increase in prices of lands and lack of capital in some companies that resulted from the current economic conditions.
Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly has previously encouraged managers of major commercial markets such as Hypermarket to open their branches in Upper Egypt alongside Sadat City, and Borg El Arab City.