The New Urban Communities Authority (NUCA) is close to finalizing the pricing for 36 acres of land in New Beni Suef City that were sold to Al Arabia for Investment Industry and Abu Shedid for Trade- Frankfurt Germany in foreign currency, Al Borsa reported.

A committee in NUCA will be finalizing the pricing of the lands within the next few weeks where it is expected to reach a total investment cost of EGP 110 mn, sources in NUCA told Al Borsa.

The lands will be used for a residential project, and the consortium has three months following the official pricing to prepare a construction schedule and a delivery date for the project that should not exceed five years.

NUCA previously approved the companies’ request to acquire the lands located in Beni Suef’s Al Wasla area in return for payment in foreign currency last September, according to Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly, state-owned Al Ahram reported.