The Administrative Capital for Urban Development (ACUD) has completed 60% of the first phase of the New Administrative Capital’s (NAC) infrastructure which spans over 40,000 feddan, Chairperson of the ACUD, Ahmed Zaki Abdeen, told Daily News Egypt.
A total of 17,000 feddan were sold for EGP 272bn to be paid in instalments over four years, he added.
Abdeen revealed there are many offers from foreign and Egyptian companies to obtain large plots of land, although the New Capital has doubled the price of land compared to the first land offering in 2016-2017.
Abdeen said the NUCA is studying entering in partnerships with developers to establish new projects in the New Capital, but the company will not apply this system in allocating lands of the first phase of the project.
“Many large companies showed their interest to have partnerships with the ACUD in developing projects in the New Capital similar to Mostakbal City’s projects, but we are still studying this new mechanism and its financial feasibility,” Abdeen said.
“There are many companies that have obtained ministerial approvals for developing their projects, and those who obtained building license and did not begin construction works were warned by the ACUD,” he noted.
Once the ministerial approvals are obtained, the company has to complete 25% of its project within a year, he disclosed.
Additionally, in the event that companies procrastinate in submitting their papers for obtaining ministerial approvals, the ACUD sends them memos to apply for them, and if there was no response from the companies, then ACUD has the right to withdraw the allocated land.