The Administrative Capital for Urban Development Company will be holding a meeting within days to discuss the final pricing for the first land offering within the New Administrative Capital project, in efforts to attract investors, reported Al Borsa.
The company plans to decrease the previously suggested price from EGP 5,000 to EGP 3,000 per square meter, and it may vary depending on the type of project constructed. Currently, the company is finalizing the project plans, clarifying all real estate and developmental investment activities, including sole and partnership developments and housing.
“Projects are expected to be implemented within three years,” company’s CEO Ayman Ismail told Arab Finance.
The Administrative Capital spreads on 12,000 acres in the first phase that expects a total investment cost of EGP 60bn while the entire city spreads on 168,000 acres.