The New Urban Communities Authority (NUCA) has offered a plot of land for sale designated for mixed urban activity in the tourist district of New Aswan City. The plot spans an area of 38,220 square meters at a price of EGP 3,355 per square meter, totaling EGP 128.2 million. The development period extends up to 3 years.
Building regulations stipulate that 80% of the land must be allocated for urban use and 20% for service-related purposes, with residential units not exceeding 50% of the urban activity. The building-to-land ratio is set at 50% for apartment buildings and 40% for villas, with permitted building heights of ground floor + 3 stories for apartments and ground floor + 1 story for villas.
To complete the payment, 15% of the land value must be paid in Egyptian pounds. A 5% deposit has already been made in advance, and the company is required to pay an additional 10% within one month from the date of notification of the Board of Directors’ approval for the allocation.
In addition, administrative fees amounting to 1% of the land value and 0.5% for the Board of Trustees must be paid simultaneously with the remaining percentage of the land price.
The final price is to be approved by the main real estate committee. The remaining balance is to be paid in six equal semi-annual installments in Egyptian pounds. The first installment is due one year from the date the company is notified of the NUCA Board’s allocation approval, provided that either the ministerial decree or building permit is issued first within the allowed grace period.
All installments are subject to applicable financial burdens, according to the interest rate announced by the Central Bank of Egypt at the time of payment. Additional fees also apply, including 1% according to the Ministry of Finance regulations and 0.5% as additional administrative expenses.
