Ministry of Housing, Utilities, and Urban Communities said the foundations and determinants for the involvement of private developers in social housing projects have been finalized, Invest-Gate reports.
The framework will be placed before the Cabinet for approval soon, Minister of Housing, Utilities, and Urban Communities Assem El Gazzar confirmed in a ministerial statement on June 28.
In a meeting held last October, El Gazzar affirmed that at least 75 acres are intended for allocation to each potential real estate developer seeking to partake in the Social Housing Program, exclusively to those with advanced expertise, financial solvency, and accumulation control, according to a previous statement.
Back then, developers stressed that plots offered should be in new cities, allotted for a mixed estate of 70% private housing and 30% social housing. The former parcel shall be sold directly at the prevailing price in the city to build residential units ranging from 100 to 120 square meters, with an implementation period of up to five years.
Meanwhile, the remaining 30% will be freely put forth to real estate developers through the Social Housing and Mortgage Finance Fund (SHMFF), with no stake in the land, for the establishment of fully-finished three-bedroom apartments over three years, the statement noted.