El Massa for Real Estate Development will begin developing 26 acres of land in Beni Suef that the company bought in a public auction last year, Al Borsa reported on Tuesday.

The company has already begun works on the foundation on site, with the project scheduled to take up to three years to be completed, according to Nour Ismail, Head of the Beni Suef Authority.

The company has paid 25% of the total EGP 51 mn price of the land, which had been offered by the New Urban Communities Authority in 2015, when the price per meter was EGP 471.

The company received the 26 acres of land in a public auction that was offered by NUCA, with El Massa outbidding 11 other contractors.

The governorate has budgeted EGP 173 mn for Beni Suef’s development plan, part of which includes 25 projects, including social housing, facilities, roads, and infrastructure spread among nine contractors at a total cost of EGP 65 mn.