The New Urban Communities Authority (NUCA) has announced the offering of a commercial land plot in the third sector of New Cairo City Center. This comes as part of investment opportunities under five acres, through the immediate allocation mechanism during the current month of August.
Plot No. 400 has an area of approximately 643 square meters, with the price per square meter set at EGP 94,255, bringing the total value of the land to around EGP 60.56 million. The project must be completed within a maximum period of three years from the date of land handover.
According to the approved building regulations, construction is permitted on up to 50% of the total land area, with required setbacks of 6 meters at the front and 4 meters at the back. The allowed building height is a ground floor plus two upper floors, subject to the height restrictions set by the Armed Forces and the requirements of the Civil Defense.
The final plot size will be determined based on the actual handover by the Survey Department of the city authority. Parking spaces must be provided in accordance with the Egyptian code for garages.
The Authority emphasized the importance of fully inspecting the land before applying, noting that submitting an allocation request will be considered full acceptance of the location and its handover without any ambiguities or reservations.
In March 2019, NUCA approved regulations to organize the immediate allocation mechanism for service-oriented and investment lands, aiming to enhance transparency and stimulate investments in new cities. The regulations included a requirement for applicants to submit a certified check equal to 10% of the total land value.
Under recent updates, the offering process has been amended so that the reservation deposit is calculated based on the price announced in the first offering, with mandatory payment in Egyptian pounds via bank transfer to ensure proper recording and documentation of financial transactions.
Companies are now also required to include an additional price per square meter in their financial offer as a precautionary measure to cover potential bidding increases. The Authority allows for electronic comparison between submitted offers to transparently select the best one. In cases where the final price exceeds the announced price, the winning bidder must pay the difference in the reservation deposit value, which currently ranges between 5% and 10% of the total land value, depending on the nature of the offering and the targeted activity.
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