ABC for Real Estate Investment attained the Ministry of Housing’s approval to develop 15.6 acres of land in New Suhaj City, reported Al Borsa News.
The plot of land to be developed is one of two plots the company won in land tender bid using the one-stop shop in the city for EGP 33.1 million, at a price of EGP 505 per meters square.
ABC will use the land to build an integrated residential development project in the city, according to Egypt Today.
The project’s expected completion date is 2019 with construction set to start in five months.
The second piece of land won by the company is 25.3 acres in area and cost EGP 48.4 million.
The New Urban Communities Authority (NUCA) has launched, in collaboration with Investment Ministry, 64 pieces of land up for auction in 20 cities to establish a complete integrated residential compound.