The New Urban Communities Authorities (NUCA) has agreed with the General Authority for Investments and Free Zones (GAFI) to offer 345 land plots over two different phases, reported Al Brosa.
Both parties are expected to agree on the conditions of the offerings, the price per square meter for every land plot, and the payment period, according to Tarek El Sebaey, Supervisor of NUCA’s Commercial and Residential Sector.
The lands will be targeted for multiple purposes in new cities, and some will be offered for residential projects to citizens with low-income.
Approximately 226 land plots will be allocated in 22 new cities and will be dedicated to public services, such as administrative and commercial buildings, social clubs, medical centers, schools and universities, and gas stations.
The other 199 land plots will be allocated to 17 new cities for social housing projects that will also include commercial, educational, and health services for residents within the project, Al Sebaey added.
The total cost is EGP 4.7 billion, EGP 3.5 billion of which will be dedicated for the lands that will include public services, while EGP 1.2 billion will be allocated for land plots that will include the social housing projects.
The first offering will include 64 plots with areas ranging from 3.5 to 106 acres that will be offered in 20 cities, while the second offering will include 44 plots of a total area of 411,400 square meters for social housing.
The NUCA previously sold 650,000 acres for residential projects for EGP 10.5 billion, 270 acres for public services for EGP 2.8 billion, and 700 acres for special usage for EGP 6.5 billion.