As part of the New Assiut City development plan, an Egyptian company, Egypt Trading and Engineering Projects (Egypro), has joined eight other counterparts in bidding over 13,000 square meters lands for commercial use in the governorate of Assiut at a cost of EGP 35.5 mn, reported Al Borsa.

The conditions of the bid stipulate that the company with the highest down payment wins the land; therefore, the Egyptian Company for Engineering and Trade Projects has placed the highest down payment of 70% for the total amount of the land and is expected to pay the remaining value within a year upon its winning next month January 2017.

Around 75% of the land is to be designed for commercial and social services use, according to Manager of the Housing Authority in Assiut Abdel Hakim Abdullah .

Through auction, the governorate of Assiut has achieved 40% sales of the total lands offered, including real estate project, and mix-used projects. The government has allocated EGP 156 million from state budget for the first of this fiscal year to 20 different projects across the governorate that include basic foundations, water treatment plants, and rural sanitation projects.