The Administrative Capital Company began offering terms and conditions of land tenders to real estate developers at their New Cairo office on February 12, EgyNews reports.

Managing Director of the Administrative Capital Mohamed Abdel-Latif told Borsa News that they sold 74 land tenders in their first day. “The most significant buyers were SODIC, Orascom, Talaat Mostafa and Al-Ahly,” he added.   

“Sizes of lands offered in the first phase range from 50 acres to 500 acres,” revealed Khaled Abbass, a member of the Administrative Capital Company’s Board of Directors and assistant to the Minister of Housing, Utilities and Urban Communities.

Abbass also revealed that the project’s first phase encompasses 10,500 acres, which is double the areas of Heliopolis and Nasr City put together.