The Ministry of Housing, through the New Urban Communities Authority, has announced the offering of a land plot in the first phase of New Mansoura City, covering an area of 46,366 square meters. The plot is designated for commercial, entertainment, and hotel activities, and the price is EGP 20,535 per square meter, bringing the total estimated value to over EGP 950 million.
Building Regulations and Requirements
The plot is subject to specific building regulations, including a utilization factor 1.8 and a maximum height limit of 18 meters. There must also be setbacks of at least 6 meters on all sides. Developers are allowed to construct a basement according to Egyptian building codes. The actual land area may vary upon delivery. Additionally, the developer is required to provide parking spaces in compliance with Egyptian building regulations and adhere to height restrictions set by the Armed Forces Operations Authority.
Payment Terms
The developer must pay 25% of the land’s total value in Egyptian pounds within one month of the Board of Directors allocation approval. An additional 1% administrative fee and 0.5% for the Board of Trustees will also be applied. The remaining amount will be paid in six equal semi-annual installments, with the first installment due six months after the initial down payment. The installments will be subject to financial charges based on the interest rate announced by the Central Bank of Egypt, plus an additional 2% as per the Ministry of Finance’s directives and a 0.5% administrative fee.