The New Urban Communities Authority (NUCA) has announced the sale of an educational-use land plot designated for a university in New Mallawi City. The plot is being offered under the immediate allocation mechanism during January.
Key Details of the Land Plot
- Location: Regional Services Area, New Mallawi City.
- Area: 129,654 square meters.
- Price per Square Meter: EGP 1,420.
- Total Price: Approximately EGP 184.1 million.
The project is to be completed within 10 years, starting from the date of the first ministerial decision.
Payment Terms
- 15% of the land’s value must be paid in Egyptian pounds upfront: 10% already paid and an additional 5% due within one month of the board’s approval of the allocation. This includes 1% administrative fees and 0.5% for the Board of Trustees.
- The remaining amount will be divided into six equal semi-annual installments, starting one year from the initial payment deadline.
- All installments will accrue financial charges based on the Central Bank of Egypt’s interest rate at the time of payment, plus an additional 1% per Ministry of Finance instructions and 0.5% administrative fees.
Building Conditions
- The ground floor construction must not exceed 17% of the land area.
- The permissible height is a ground floor plus two additional floors, subject to approval from the armed forces and adherence to civil defense requirements.
Land Offerings in January
NUCA has offered 75 plots of land in 26 new cities under the immediate allocation mechanism this month. The offerings cater to diverse purposes, including residential, commercial, hotel, and recreational activities, targeting a wide range of investors.
Allocation Mechanism
NUCA has been utilizing the immediate allocation method since March 2019. The process involves listing plots in the first 15 days of each month, with details such as location, area, and price per square meter. This is followed by the evaluation of technical and financial bids and awarding the land to the most suitable bidder.