The Ministry of Housing, Utilities, and Urban Communities has announced a new investment opportunity this May involving a plot of land covering 63,253 square meters in New Borg El Arab, Alexandria. The land is designated for mixed urban use, with a set price of EGP 6,960 per square meter, bringing the total value to approximately EGP 440,240,880. Investors are required to allocate 20% of the land for various investment activities with a maximum building ratio of 40%, and 10% must be dedicated to recreational purposes. The development is permitted to include buildings up to a ground floor plus two repeated floors.
Eighty percent of the land is allocated for integrated urban development. Building limits are set at 25% for apartment buildings, 40% for standalone villas, and 45% for twin villas. Rooftop service rooms are permitted at up to 25% of the ground floor area. The authority also mandates that 8% to 12% of the land must be allocated for public services, and investors must provide adequate parking spaces according to the Egyptian Code, comply with civil defense requirements, and adhere to height restrictions.
The payment terms set by the authority include a 15% down payment—comprising 5% as a reservation deposit and 10% payable within a month of receiving approval. Additionally, 1% of the total cost is required for administrative expenses and 0.5% for the Board of Trustees. The remaining balance is to be paid over six equal semi-annual installments. The first installment is due one year after the approval notification, contingent on obtaining the ministerial decree or building permit. The project must be completed within three years from the issuance of the ministerial decree.