The New Urban Communities Authority (NUCA) will start issuing the terms and conditions booklets for 46 semi-finished villas in Marina Alamein, the North Coast, starting September 29, Invest-Gate reports.
Located in the area No. 21 in Marina Alamein, the offered villas cover built-up areas ranging from 220 to 240 square meters, while land spaces will vary between 206 and 650 square meters, Minister of Housing, Utilities, and Urban Communities Assem El Gazzar said in a ministerial statement on September 23.
Interested buyers can pick the booklets from the North Coast’s Marina Alamein Tourist Center or NUCA’s headquarters in Sheikh Zayed, west Cairo, El Gazzar noted.
Deputy Chairman of NUCA for Real Estate and Commercial Affairs Tarek El Sebai said the offer is exclusive for Egyptians only, with a maximum of two villas per family. Besides, 5% of the unit price will be paid for reservation via a certified check, which should be submitted along with purchase orders from October 7 to 17.
Once approved, applicants should pay not less than 25% of the land’s price as a deposit, together with 1% as administrative expenses and 0.5% for the Board of Trustees, through a certified check sent within 30 days from the notification date, El Sebai explained.
The remaining value shall be paid pursuant to the installment terms provided in each application, he added.
The official pointed out that in case of contention over one villa, priority shall be given to those who either settle the full amount at once by a certified check or bid a higher cost than the original unit price. However, in case the trade-off is made based on the latter possibility, the property will not be delivered until at least 50% of the value is first deposited.
The remainder shall be paid in equal quarterly installments for three years without interest, with the first installment settled within three months from the sale approval date, via certified checks, El Sebai concluded.