The real estate company Misr Italia has recently pumped EGP 28 million of new investments into the second phase of a commercial center in Mousa Coast, a touristic city located in  Ras Sudr, Al Borsa reported.

The company added in a press release that they have allocated part of the investments to establish a comprehensive commercial center that will serve commuters en route to Ras Sedr, as well as Mousa Coast residents.

These investments are part of the company’s efforts to revive domestic tourism, Misr Italia’s Chief Executive Mohamed Hany Al Assal told Al Mal.

Mousa Coast is also witnessing the launch of a new phase called Little Villa, which promises  utmost efficiency in land use.

The Mousa Coast project is comprised of a number of phases, all of which sprawl over 8 million square meters, of which 2 million square meters have been completed.

“An initial reservation fee of 5 percent of the value of the land must be paid at first to the authority, which varies in value between EGP 169,650 and EGP 8,576,568, depending on the location and size of each land piece,” explained Tarek El Sebaey, Head of the Commercial Real Estate Affairs in the New Urban Communities Authority.

Sebaey added that advance payment requires payment of not less than 10 percent of the total price, in addition to the 2 percent administrative expenses, 1 percent Board of Trustees expenses, and 1 percent social housing fund, within one month from the date of notification of the approval of the sale.  The rest of the value should be paid in full within a period not exceeding three months from the date of notification of the approval of the sale. He added that the rest of the value may be paid during a period of three years, with annual installments, in addition to the interest rate announced by the Central Bank of Egypt at the time of payment, as well as 2 percent on the debit balance. The yield is calculated from the date of approval of the sale and maturity.  The first installment and interest are due a year from the date of approval of the sale.