Al Dar Al Arabia won two plots of land with a combined area of 29,500 square meters in a public land tender held by the Behira governorate in collaboration with the Ministry of Investment, Al Borsa News reported.
The company is expected to pay 25% of the total land price. A committee will be formed by both the land and property management, with the expectation that the land will be handed over in a month.
Furthermore, the value of residential land will be registered at a 10% higher rate per meter than the previous year, while the value of land designated for administrative and entertainment purpose will remain unchanged, according to the Director of Housing.
The first plot of land, at 17,000 square meters, is earmarked for residential use, while the second plot of land is 12,500 square meters, in area to be used for administrative, office, and entertainment purposes, said Ibrahim Elshemy, Undersecretary of the Ministry of Housing in Behira.