Ministry of Housing, Utilities, and Urban Development announced on the 19th of June, the launch of its website for reserving units and land lots in the new phase of Beit Al Watan project. The project is tailored for Egyptians living abroad, and reservation will only be available for a period of three weeks, Invest Gate reported.
Plots available online are in the cities of New Cairo, 6th of October, Badr, New Aswan, New Assiut, New Damietta, and New Qena. In addition, the ministry has enabled reservation of 1,320 residential units in Madinaty, New Cairo, and 1,248 in Al Rehab City extension project, for a period of two weeks.
All units online offer a variety of models and sizes ranging from 58 square meters to 162 square meters, and are ready to be handed over immediately. Applicants have to hold an Egyptian nationality and be over 21 years old.
In regards to payment methods, applicants can do a wire transfer using US dollars from abroad, or pay in local currency through personal accounts inside the country, depending on regulations of the Central Bank of Egypt.
Applicants will need to make a 25% down payment, while the remaining value will be paid in installments over 5 years, with an annual interest rate of 3.5%. Exchange rate of US dollars will also be fixed in value depending on when the reservation takes place. In case of cash payments, 15% of the remaining value will be deducted.
Applicants are also allowed to reserve 3 plots in each city included in the project. The selection process will take place 10 days after reservations are closed.
Land plots will be handed over in January 2017 for all cities, and in June 2017 for the New Cairo plots. For residential units, on the other hand, applicants will need to pay 50% of the unit’s total value, while the rest will be paid in annual installments over the course of 3 years, with an annual interest rate of 3.5%, for the first installment to be due a year after the selection process.
Prices in Al Rehab Extension stand at EGP 7,102 ($ 800) per square meter, and EGP 5,105 ($ 575) per square meter in Madinaty.