The New Urban Communities Authority (NUCA) has announced the offering of two plots of land with integrated urban activity in the New Alamein City for sale through the immediate allocation mechanism during the current month of April. According to the data available on the authority’s electronic website, the areas of the lands range between 151,762 and 345,344 square meters. The authority has set the price per square meter at 4,460 and 4,215 Egyptian pounds, respectively, bringing the total value of each to 676.8 million pounds and 1.4 billion pounds.
The total number of plots offered with integrated urban activities during the current month of April reached only 3 plots, two in New Alamein and one in New Qena. The plot of land in New Qena City has an area of 52,752 square meters and a price per meter of about 1,795 pounds.
The authority has determined the mechanism for paying the value of these lands by completing the payment percentage up to 25% of the value of the land, which is 10% that has been paid and the 15% that the company is obligated to pay within one month from the date of notification of the approval of the Board of Directors, if the allocation is approved. In addition to 1% administrative expenses and 0.5% Board of Trustees, to be dealt with at the final price approved by the Main Real Estate Committee.
The remaining value of the land is paid in 6 equal semi-annual installments, the first of which is due 6 months after the specified date for paying the down payment. All installments are to be charged with the prescribed financial burdens according to the average interest rate announced on the Egyptian pound by the Central Bank of Egypt for a period of three months prior to the due date of the installment, in addition to 1% according to the instructions of the Ministry of Finance and 0.5% administrative expenses.
This mechanism applies to all cities where land is offered, except for the new Upper Egypt cities, where the authority requires the payment of only 5% of the total value of the land as a reservation deposit, and the completion of the payment of the remaining amount under the same conditions previously stipulated, within the framework of the authority’s and the Ministry of Housing’s keenness to accelerate the development rates in those cities and facilitate the allocation of land in them.
During April, the total number of plots offered for sale through the immediate allocation mechanism reached about 42 plots, located in 17 new cities, compared to 57 plots distributed in 20 new cities during the past month of March.
