NUCA to Receive Its Last Share of Payment-in-kind Units in Madinaty

Sunday, 23rd October 2016

The New Urban Communities Authority (NUCA) will receive its last share of payment-in-kind buildings in Madinaty spread over 1.1 mn square meters, Al Borsa reported on Sunday.

The units will be handed over as part of its settlement with NUCA over land it had acquired during the tenure of former president Hosni Mubarak. Talaat Moustafa Group Holding (TMGH), the developer behind Rehab and Madinaty. TMGH had agreed to give NUCA 3.2 mn square meters of completed homes as payment-in-kind, according to a filing by the company in February 2015, Bloomberg reported at the time.

NUCA has previously offered 3,912 units to homebuyers in Madinaty with areas ranging between 58 and 162 square meters, and has sold 3,000 units.

The high turnout on the units spurred NUCA to offer additional units from its share, previously offering 622 units in Rehab to Egyptians residing within the country, 1,248 units for Egyptians abroad, and 1,320 units in Madinaty, with a total of 5,400 units offered in both developments.

NUCA’s remaining units in Madinaty amount to 2,688 units ready for delivery; however, NUCA will increase the price per square meter to EGP 5,950 instead of EGP 5,500 and in Rehab the price will increase from EGP 7,500 to EGP 7,600 per square meter.

NUCA seeks to earn EGP 3.2 bn from selling all its units in both Rehab and Madinaty.

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