The Ministry of Housing, Utilities, and Urban Communities, through the New Urban Communities Authority (NUCA), has announced the offering of a land plot designated for commercial, administrative, and residential use in 15th of May City. The land is located in District Center (1-B) and is being offered during the current month of April through the immediate allocation system.
According to the information obtained, the land plot spans an area of 1,660 square meters and is priced at EGP 12,750 per square meter, bringing the total price to approximately EGP 21.1 million. The execution period is set at three years from the date of receiving the land.
As stated by the authority, the building footprint must not exceed 30% of the total land area, and developers must comply with setbacks of 5 meters from the front and 4 meters on the sides and rear to ensure proper ventilation and natural lighting for all units.
According to the approved requirements, developers are permitted to construct a building consisting of a basement, ground floor, and three repeated floors. The ground and first floors are designated for commercial use, the second floor for administrative use, and the third floor for residential units. This mix of uses enhances the project’s diversity and boosts its investment potential.
Applicants must provide parking spaces by the Egyptian Building Code and adhere to height restrictions imposed by the Armed Forces Operations Authority. The final land area will be confirmed by the City Authority’s Survey Department.
The company must pay 25% of the land’s value, of which 10% has already been paid. An additional 15% must be paid within one month of the approval notification, along with 1% administrative fees and 0.5% for the Board of Trustees. The final price is to be approved by the Main Real Estate Committee.
The remaining balance of the land value will be paid in six semi-annual installments, with the first installment due six months after the initial down payment.