Administrative Capital for Urban Development is currently pricing the units in preparation to market them for sale in the first quarter of 2017, sources at the Ministry of Housing, Utilities, and Urban Communities told Al Borsa.
The Ministry of Housing has given contractors a year to finalize the construction of the residential neighborhood located in the New Administrative Capital.
The capital’s residential neighborhood is expected to be built on 1,000 acres and includes 30,000 units with floor plans ranging from 110 to 180 square meters.
Residential units are set to include 71 townhouses and 190 villas in the first phase, to be followed by another 50 townhouses and 139 villas in its second phase.
The company is expected to facilitate payments through installments over a specific time frame, with an interest rate depending on each unit’s value.
The New Administrative Capital spreads on a total of 168,000 acres and includes several neighborhoods, such as the governmental, residential, medical, and sports cities, as well as a central park, smart city, and fair zone.
The Egyptian Cabinet previously assigned EGP 4bn to four developers for the development of facilities in 40,000 acres located in the first phase of the city, to be followed by another 3,130 acres later. Meanwhile, approximately 60% of the infrastructure has been completed.
The New Urban Communities Authority (NUCA) offered tenders for 58 residential buildings last month, adding to a total of 700 residential buildings in the city.