Booklets were offered for reserving more than 20,000 housing units in the second phase of Sakan Misr project starting from Sunday, June 3, Invest-Gate reports.
To be delivered within 18 months, units will be distributed through public lottery system, Minister of Housing, Utilities and, Urban Development Mostafa Madbouly says in a press statement.
The units are located in more than eight cities such as New Cairo, 6th of October, West Assiut, and New Damietta.
Madbouly also reveals that apartments will be fully finished with areas of 115 square meters.
Reservations with downpayments will start on July 24 until August 16 and it will be based on all terms and regulations put in the booklet, Madbouly also adds.
Tarek El Sebai, Deputy Chairman of New Urban Communities Authority (NUCA) for real estate and commercial affairs, says that people who wish to have a unit should pay a deposit of 10% of the unit’s price before the lottery.
He also adds that winners should pay 20% of the unit’s price at least two months after the lottery, with the rest to be paid through installments over six quarters. Winners who will pay the whole amount two months directly after the lottery will have 7% discount on the unit’s value.
Walid Abbas, Assistant to Minister of Housing for New Urban Communities Authority, says that any Egyptian over 21 years may apply except if he/she or his/her families own any social housing units.
