Egypt’s housing ministry will extend lands of at least 75 acres each for potential real estate developers who are interested to take part in the development of social housing projects, exclusively to those with advanced expertise, financial solvency, and accumulation control, Invest-Gate reports.

This came during Minister of Housing, Utilities, and Urban Communities Assem El Gazzar’s meeting with representatives of the Egyptian Real Estate Council (ERC), Real Estate Development Chamber, Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce, among multiple property developers, to study the involvement of private property developers in social housing projects, according to a ministerial statement on October 15.

El Gazzar urged the prompt submission of final proposals for consideration to the New Urban Communities Authority’s (NUCA) board of directors, alongside the Social Housing and Mortgage Finance Fund (MFF), to be rotated for the final approval of the Council of Ministers, according to the statement.

During the meeting, property companies reviewed the project’s financial model and its most fundamental terms, which were raised in previous discussions. Developers stressed that plots offered should be located in new cities, allocated 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 MFF, with no stake in the land, for the establishment of fully-finished three-bedroom apartments over three years, the statement further highlighted.