The Ministry of Housing, Utilities, and Urban Communities, through the New Urban Communities Authority (NUCA), has announced the offering of a plot of land designated for university-level education in the 10th Neighborhood area of New West Qena City. The offering is part of the immediate allocation system and is scheduled for April.
According to the available information, the land spans an area of 210,000 square meters, with a price of EGP 1,575 per square meter, bringing the total price to approximately EGP 331 million. The project has a 10-year implementation period, starting from the date of the first ministerial decree.
Building Regulations
As for the construction requirements, the building footprint on the ground floor must not exceed 22% of the total land area. Within this, up to 5% may be allocated for constructing student housing. The buildings may consist of a basement, a ground floor, and two repeated floors.
Payment Terms
The payment mechanism involves completing 10% of the land value in Egyptian pounds. This includes 5% already paid and an additional 5% to be paid within one month from the date of the company being notified of the Board of Directors’ approval of the allocation. Additionally, there are administrative fees of 1% and a 0.5% fee for the Board of Trustees, with a commitment to the final price as approved by the main real estate committee.
The remaining land value is to be paid over 20 equal semi-annual installments in Egyptian pounds. The first installment is due one year after the company is notified of the Board’s approval of the allocation, provided that either the ministerial decree or the construction license is obtained—whichever comes first.
During the grace period, the accrued interest must be paid, and all installments will include the applicable financial charges according to the interest rate announced by the Central Bank of Egypt at the time of payment, in addition to 2% as per the Ministry of Finance instructions, and 0.5% administrative fees.
