The New Urban Communities Authority (NUCA) announced its initial land offerings in New Mansoura and New Alamein as booklets for five land plots -dedicated to integrated urban activity are offered starting from October 23, Invest-Gate reports.

Tarek El Sebai, Deputy Chairman of New Urban Communities Authority (NUCA) for Real Estate and Commercial Affairs, revealed that the plots, with areas ranging from 16.6 to 60 acres, will be allocated through a “sealed envelope system,” in which all applying companies should submit technical and financial offers.

The evaluation of technical offers will be carried out in accordance with the conditions listed in the booklets, according to a ministerial statement on October 10.

On November 28 at 12 p.m., the submission of bids and opening of technical envelopes for New Alamein plots shall happen at the New Alamein City Authority, or at the New Minya City Authority for lands in New Mansoura, in addition to paying a bid bond varying between EGP 1.3 mn and EGP 4 mn, depending on the location, area, and activity of each piece, the official added.

In addition, El Sebai stated that the amount can be paid via a bank cheque issued to NUCA or an unconditional guarantee issued by a bank for NUCA to approve the application for the bid – which should also be included in the technical envelope.

The financial offers with the highest bid on the price per square meter will be awarded the requested plot, the official said, noting that the listed prices in the accepted financial offers are the immediate repayment prices.

According to El Sebai, the land plots’ financial transaction is through completing the payment of 10% of the awarded sites’ value as well as 1% administrative expenses and 0.5% expenses of the board of trustees – within a maximum period of one month from the date of issue of the allotment order.

The remaining amount can be paid in equal quarterly installments within four years, in addition to an investment return equal to the interest rate declared by the Central Bank of Egypt (CBE) at the time of payment, 2% on the debit balance, and 0.5% collection charge.

“The first installment, with the required interest, is due after three months from the date of issuance of the attribution order through a monthly cheque issued to the allocated city authority, which should be provided among the contracting documents,” he stated.

For inquiries, a session will take place at the headquarters of the 6th of October City Development Authority at 10 a.m. on November 6. The maps for the allocated sites will soon be available on NUCA’s website, www.newcities.gov.eg.