Engineer Ahmed Mahmoud Hassan, Head of the New Assiut City Development Authority, announced the successful conclusion of the public auction held for the sale of 5 craft workshops, 4 commercial shops, and a pharmacy, in addition to leasing a sports field through an annual usufruct system. The auction generated total revenues of nearly EGP 19 million, highlighting the increasing demand for investment and service opportunities within the city.
The auction attracted strong participation from investors as well as owners of commercial and craft-related businesses, with intense competition over the units offered. The final sale prices reached notable levels, reflecting the rising confidence in New Assiut City as one of the leading promising cities in Upper Egypt.
Pharmacy Sold for EGP 110,000 per Square Meter During Public Auction in New Assiut
The city authority stated that the pharmacy was sold at EGP 110,000 per square meter, while commercial shops recorded prices of nearly EGP 73,500 per square meter. Craft workshops were sold for approximately EGP 5,600 per square meter. In addition, the sports field was leased under the annual usufruct system for EGP 860,600 annually.
Engineer Ahmed Mahmoud Hassan affirmed that the strong outcomes of the auction reflect the significant urban and economic growth currently underway in the city. He explained that the high level of investor participation demonstrates increasing confidence in the city’s investment environment and the quality of services being provided.
He further noted that the city authority plans to continue offering a wider range of investment opportunities across commercial, service, and craft sectors to meet the needs of residents, stimulate economic activity, create more employment opportunities, and support sustainable development.
He also emphasized that New Assiut City is experiencing substantial progress in residential, service, and infrastructure projects, making it an attractive destination for both investment and housing. He stressed the authority’s ongoing commitment to delivering services and facilities according to the highest standards in order to enhance citizens’ quality of life and achieve comprehensive development.