The Ministry of Housing, Utilities, and Urban Communities, through the New Urban Communities Authority – Real Estate and Commercial Affairs Sector, has announced the offering of six commercial shops for sale through a public auction in New Sohag City. This comes as part of the ministry’s efforts to promote commercial activities and provide new investment opportunities in the new cities.
The New Sohag City Development Authority indicated that the shops available for auction are located in the city’s wholesale market, with each shop having an area of 66 square meters. The public auction will be conducted in accordance with the terms and conditions outlined in the bidding booklet.
The authority also stated that the bidding booklet will be available for interested parties starting Monday, May 13, 2024, at the authority’s headquarters, for a fee of EGP 299 per booklet, payable in cash at the authority’s treasury.
Furthermore, the auction session is scheduled to take place on Monday, June 23, 2025, at 12:00 PM at the authority’s premises. Participants must submit an initial deposit of EGP 100,000 for each shop in order to take part in the auction.
The winning bidder is required to pay 10% of the total sale value immediately after the session, in addition to 0.5% administrative fees and 0.5% allocated to the Board of Trustees. The remaining amount must be settled within three months, with the option to pay in installments over a period of three years. In this case, interest will be charged based on the Central Bank of Egypt’s announced interest rate, plus 2% administrative fees and an additional 0.5% for the Board of Trustees. All financial obligations are subject to tax laws and financial resource development fees. The authority invited investors to visit its official website for more information.