Egypt’s Administrative Capital for Urban Development (ACUD) announces that Novus Stanza Properties has reportedly withdrawn its offer to develop and establish a residential project in the New Administrative Capital, Invest-Gate reports.

Due to unspecified reasons, not associated with ACUD, Novus Stanza took back its offer to carry out a residential project on land plot number (I-1) in the R7 compound, according to the ACUD’s official Facebook page.

Accordingly, ACUD calls upon all Nova Estanza’s clients to discontinue dealing with the said company regarding its project in the New Capital. “The land was withdrawn from Novus Stanza Properties and is once again in the possession of ACUD,” the company adds.

ACUD is currently terminating the allotment letter -related to that land- issued to Novus Stanza Properties, without any liability to the company.