The Ministry of Housing plans to offer the first tourist investment land plot in the first phase of New Suez City. The plot will range between 180 and 250 feddans in size. Final preparations for the offering are underway, including setting the land price per square meter and determining the sales mechanism, which will most likely be through direct sales.
Key Requirements for the Offering
According to sources, the leading real estate conditions for the offering include the following:
- Payment of a reservation deposit.
- Submission of the applicant company’s previous experience.
- Height restrictions are limited to ground level plus two floors.
- A building coverage ratio of no more than 22%.
The hotel component of the project must also be clearly defined before the reservation conditions are announced.
Estimated Pricing and Payment Terms
The Pricing Committee within the authority is expected to set the price between EGP 1,500 and EGP 3,000 per square meter, including administrative fees. The payment terms will allow financial obligations for the land to be settled in semi-annual installments over eight payments.
About New Suez City
New Suez City is one of the newest developments by the New Urban Communities Authority, spanning an area of approximately 66,400 feddans. The first phase covers around 2,000 feddans and includes an urgent development area of 300 feddans. This area features various service and residential projects to provide affordable housing for low-income residents.