The Ministry of Housing, Utilities, and Urban Communities has announced the offering of a land plot designated for hotel activity in the Sixth Settlement of New Cairo. The plot spans an area of 15,120 square meters, priced at EGP 33,395 per square meter, totaling approximately EGP 505 million. The project implementation period extends up to three years from the date of land handover.
Construction Conditions and Requirements
The building regulations stipulate a maximum construction percentage of 20% and allow for a building height of up to six floors. A setback distance of no less than 6 meters from all surrounding boundaries must be maintained. Applicants must comply with the Civil Defense requirements and the height restrictions of the Armed Forces. The approved land area will be based on the actual measurements provided by the Survey Department.
Parking and Payment Terms
The applicant is required to provide parking spaces in accordance with the Egyptian Code. Submitting an application is considered a final acceptance of the location after site inspection. A down payment of 15% of the land value is required, where 10% has already been paid and the remaining 5% must be paid within one month of receiving the Board of Directors’ approval notification.
Administrative Fees and Installments
An additional 1% administrative fee and 0.5% in favor of the Board of Trustees are to be added. The transaction will proceed based on the final approved price. The remaining land value is to be paid in six equal semi-annual installments in Egyptian pounds, with the first installment due six months after the down payment. The installments will include financial burdens based on the interest rate of the Central Bank of Egypt. Additional fees will also apply, including 2% according to the Ministry of Finance and 0.5% administrative expenses on each installment.