The New Urban Communities Authority’s (NUCA) board of directors approved on January 21 a contract with the Internal Trade Development Authority (ITDA) and UAE-based Lulu Hypermarket to manage and operate four new hypermarkets across Egypt, Invest-Gate reports.
Under an annual usufruct system, Lulu Hypermarket’s new branches will be located in Rehab City and El Koronfel, New Cairo, on 15,000 square meters each. The third branches will be in 6th of October City, covering 40,000 square meters next to Hosary Square, while the last one will span over 15,000 square meters in Obour city, east Cairo.
Deputy Chairman of NUCA for Real Estate and Commercial Affairs Tarek El Sebai said the authority’s board has also allocated two land plots for the establishment of some greenhouses projects by the Ministry of Defense on asset transfer system. One plot covers 274 acres in the 10th of Ramadan City, while the second spans across 1,165 acres in the northeast area of the same city, according to a recent official statement.
NUCA has also allocated 375,000 square meters of land, under an asset transfer system, to the Damietta Port Authority in New Damietta, in addition to allocating an area of 12,000 square meters, under an annual usufruct system, to the Egyptian Black Sand Company (EBSC), near the sedimentation ponds of New Damietta to implement a project for the extraction of metal substrates from the ponds, El Sebai revealed.
EBSC is an Egyptian joint-stock company affiliated with the armed forces’ National Service Projects Organization.
Pricing committees will review the contracts to set the value for the annual usufruct, he added.
Meanwhile, El Sebai confirmed that NUCA allocated a 190,000-square-meter land plot to the Suez Canal Company for General Contracting and Real Estate Development in Sadat City, northwest of Cairo, to establish a mixed-use housing project.
He pointed out that the housing project is set to be implemented over three years, with a 50% of the land’s size will be having services such as an aqua park, cinema, hotel, ambulance point, private banks, hypermarket, international school, nursery, a meeting venue, a wedding hall, a medical complex to serve the desert road, and a recreational club.
The Suez Canal Company is committed to paying 25% down payment of the land’s total value, while the remaining portion will be paid over four years.
El Sebai added that NUCA also earmarked a 21,000-square-meter land area in New Sohag City to El Nazer Investment, Development, and Educational Services for the development of a mall, whereby the company will pay 25% down payment and the remaining value to be paid over three annual installments.
NUCA also allocated a land in 6th of October City on an area of 19,200 square meters to El Sheikh El Hosary Association for Religious and Social Services for the establishment of a private school, under a sale system that stipulates that the association provides and fulfills the financial solvency that proves its ability to establish the project before contracting. A down payment of 25% is required, while the remaining 75% shall be paid over five years.
The board of directors of NUCA also nod to allocating an 11,800-square-meter land in New Sohag to Modern Future Educational Services to implement a private school over five years, El-Sebai unveiled, adding that 15% of the land’s value shall be paid within one month from the date of notification and the remaining amount will be paid over five years.