The Ministry of Housing has announced the sale of a mixed-use plot of land (commercial, administrative, and residential) in the first district’s service center of New Aswan City. The land is being offered under the immediate allocation system during December.
Land Details
- Area: 1,136 square meters.
- Price per square meter: EGP 6,090.
- Total price: Approximately EGP 7 million.
- Execution period: Up to three years from the date of land handover.
Building Regulations
- Building ratio: Maximum of 30% of the total land area.
- Height restrictions: Ground floor + 3 floors, in compliance with military height regulations.
- Functional allocation:
- Ground and first floors: Commercial use.
- Second floor: Administrative use.
- Third floor: Residential use.
- Setback requirements:
- Front: 5 meters.
- Sides and rear: 4 meters each.
Additional Requirements
- Compliance with civil defense and safety regulations.
- Provision of parking spaces according to the Egyptian code for garages.
- Applicants must conduct a thorough inspection of the land prior to application. Submission of the application will be considered as acceptance of the land’s condition and location. Final area measurements may be subject to minor adjustments as per the city’s survey authority.
Payment Terms
- Initial Payment:
- 15% of the total land price must be paid in Egyptian pounds, which includes:
- 5% already paid during the application.
- 10% to be paid within one month of the allocation approval notice.
- Additional fees:
- 1% administrative expenses.
- 0.5% for the Board of Trustees.
- 15% of the total land price must be paid in Egyptian pounds, which includes:
- Remaining Balance:
- Payable in six equal semi-annual installments.
- The first installment is due one year after the allocation approval notice or issuance of a ministerial decision/permit, whichever comes first.
- Installments will accrue interest based on the Central Bank of Egypt’s announced rate at the time of payment, plus an additional 1% (per Ministry of Finance guidelines) and 0.5% administrative fees.
Incentives
Companies that complete and operate the service project at least one year before the deadline will receive a 5% discount on the land price. However, the discount cannot be lower than the cost of utilities.
This initiative reflects the Ministry’s efforts to attract investment and support sustainable urban development in Egypt’s new cities.