Through the New Urban Communities Authority, the Ministry of Housing, Utilities, and Urban Communities has announced offering a land plot designated for establishing a school in the Eighth District – Beit Al Watan – Eastern Extension in New Cairo. This offering will take place during the current month of March under the immediate allocation system.
According to information obtained by Al Mal, the land covers an area of 12,900 square meters and is priced at EGP 19,035 per square meter, bringing the total price to approximately EGP 246 million. The implementation period extends up to five years.
The authority clarified that the permitted building coverage is 30% of the total land area, with height restrictions allowing for a ground floor and three additional floors. All civil defense requirements must be met, and the establishment of classrooms or laboratories in the basement is strictly prohibited.
The payment mechanism requires completing 15% of the land value in Egyptian pounds, with 10% already paid. Should the allocation be granted, the company must settle the remaining 5% within one month from the date of notification of the Board of Directors’ approval. Additionally, 1% is added as administrative fees and 0.5% for the Board of Trustees, with adherence to the final price approved by the leading real estate committee.
The remaining land price will be paid in 10 equal semi-annual installments in Egyptian pounds, with the first installment due six months after the down payment.
All installments will be subject to financial burdens based on the interest rate announced by the Central Bank of Egypt from the date of the Board of Directors’ approval notification until the payment date. This includes a 1% fee per the Ministry of Finance’s instructions and a 0.5% administrative charge.