Ministry of Housing Records EGP 22.2 bn in Sales in 2016

Thursday, 29th December 2016

The Ministry of Housing, Utilities, and Urban Communities has sold land plots and residential units worth of EGP 22.2 bn in 2016, according to a statement by the ministry, reported Al Borsa.

The Ministry has previously offered around 64 land plots with areas ranging from 3 to 106 acres across 20 cities for developmental projects at a total cost of EGP 698 million.

Approximately, 44 land plots, ranging from 935 to 93,000 square meters, were sold for public services projects in Dar Misr across eight cities, and another 15 land plots were offered at a total investment cost of EGP 298 mn.

Over 21,000 land plots were for social housing projects, 17,600 of which were offered at a total cost of EGP 4.6 bn.

The ministry sold around 3912 residential units in Madinaty and 1488 units in Rehab, alongside 2224 land plots, for residential purposes, in 10th of Ramadan City at a total cost of EGP 500 mn.

The Beit Al Watan project is another achievement, comprising 4788 land plots in its third phase in cities of New Cairo, 6th of October City, New Damietta, Sheikh Zayed, New Qena, New Aswan, and New Assiut. The third phase also included around 1414 reserved land plots.

The Ministry of housing, Utilities, and Urban Communities stated that the ministry has finalized 198,00 units at a cost of EGP 27 bn in the government’s social housing scheme and additional 289,000 are currently under construction. Minister Mostafa Madbouly added that around 61 water projects and 16 rural sanitation projects have been implemented; in addition to developing 112 villages as a cost of EGP 1.6 bn.

The ministry has also achieved several infrastructure projects including roads and bridges extending to 700 km at a cost of EGP 2.2 bn along with more roads developments currently underway at a cost of EGP 4.6 bn.

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