Egypt’s largest real estate project to date, iCity, has witnessed a remarkably high turnout during its 2 day reservation period, reported Daily News Egypt.
The project is the country’s first ever public-private partnership between Egypt’s Mountain View- Saudi Sisban from one side, and the New Urban Communities Authority (NUCA), representing the Ministry of Housing Utilities, and Urban Communities.
Land was offered at a rate of EGP 8,000 per square meter. The project will include 18,000 housing units over an area of 500 acres, including I-Villas, which are villas that range in sizes from 100 square meters to 500 square meters, with a private entrance, independent garden and parking.
“The land prices offered are lower than average land prices in the Fifth Settlement compounds, which can reach EGP 10,000-20,000 per square meter,” Chairperson of Themar for Real Estate Maged Abdel Fadeel told Daily News Egypt.
The project which is considered the first government-private sector partnership was hailed and applauded by real estate companies. The revenues of the project will be distributed as 60% for Mountain View and Sisban, and 40% for the Ministry of Housing.
Real estate specialists said that the prices put forward are usually lower than the actual prices and at a hidden discounted rate. Sales specialists estimated the reserved units have reached around 1500 units, Al Borsa reported.
Mountain View informed its clients to deposit EGP 100,000 in its bank account and setting up a date to sign the contract, while choosing the location will take place 10 days after, applicants said.