New Alamein City Authority has held the first auction for 11 mixed-use properties, in a bid to offer the necessary services and facilities to roll out a fully-fledged all-year-round city, Invest-Gate reports.

The breakdown of prices is based on unit type, thereby EGP 36,500 per square meter for commercial properties and EGP 54,000 per square meter for pharmacies, Head of New Alamein City Authority Osama Abdel Ghani confirmed in a ministerial statement on August 17.

According to Abdel Ghani, the auction witnessed an impressive turnout of potential buyers. Merely 70 individuals deposited the required insurance fees, while 12 others have finalized the necessary documents for purchase closure, the statement noted.

Back in March 2018, President Abdel-Fattah El-Sisi had inaugurated New Alamein. The city’s masterplan involves 14 residential districts as well as several industrial, logistical, commercial, and service areas.