Government, Developers Begin Pricing Negotiations over Administrative Capital Land

Monday, 6th June 2016

Administrative Capital City for Urban Development, the company managing the new administrative capital, has started negotiations with real estate developers over pricing dynamics of lands in the new capital, Al Borsa reported.

The company’s officials have set higher prices to the ones previously announced, sources told Al Borsa, adding that developers requested prices similar in range to that of New Cairo, and according to the intended use of the land, whether it is urban, residential, administrative, commercial or recreational.

The managing company’s officials requested from developers suggestions on how the dynamics of land pricing should be in the new capital, to be presented in a following meeting, the sources added.

The following meetings between the company and developers will mainly discuss land development, either through land sales or managing company-developer partnerships, where the developer’s share is determined depending on the area, purpose and period of development, the sources continued.

The NUCA board decided to launch a promotional campaign for the new capital’s investment projects, end of July, upon setting the uses of lands over an area of 10,500 acres, which are worth EGP 60 billion.

The managing company will also provide promotional products for the execution of phases and areas of project facilities, and residential and governmental districts, to be presented to Egyptian and foreign real estate investment companies.

The managing company is an Egyptian partnership, responsible for managing the proposed administrative capital city project, to constitute a board of directors of 13 members; 3 members from the NUCA, 6 expertise and 4 representatives of the Armed Forces.

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