The New Urban Communities Authority has offered two land plots designated for residential use, with areas of 3,390 square meters and 2,471 square meters, located in the Second District of the Tourist Zone in New Akhmim City. This offering comes as part of the small-scale investment opportunities (less than 5 feddans), aiming to encourage investments in the residential sector, support the development of the local real estate infrastructure, and provide integrated housing units for investors.
According to sources from the Authority, the price per square meter for both plots is set at 2,990 EGP, and the Authority has set the reservation down payment at 5% for each plot. Payment plans allow investors to complete installments up to 15% of the total land value, including the reservation payment. An additional 10% must be paid within one month from the date the company is officially notified of the allocation approval by the Board of Directors. Furthermore, 1% is to be paid as administrative fees, and 0.5% goes to the Board of Trustees.
The two plots are planned to be used for the development of a residential block, with a building ratio not exceeding 50% of the total land area. The permitted building height includes a basement, a ground floor, and three repeated floors. Investors must also comply with the requirement of leaving setback spaces of 10 meters in the front and 5 meters on both sides and at the back. Prior approval of the building facades is required before construction begins, in addition to adhering to the approved colors that align with the architectural character of the area.
The project execution period is set at three years from the date of land handover, and the remaining land value is to be paid over six equal semi-annual installments, with the first installment due one year after the company is notified of the Board’s approval of the allocation decision. These installments include the announced Central Bank interest rate plus 2% as per the Ministry of Finance’s regulations, along with 0.5% as additional administrative fees.
The Authority emphasized the importance of providing designated parking spaces within the land boundaries as part of the design and development process, in addition to complying with the height restrictions set by the Armed Forces Operations Authority, ensuring that the project strictly follows the approved construction guidelines to create a safe and fully integrated residential environment for residents and investors.
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