The New Urban Communities Authority (NUCA) has announced the availability of a land parcel for sale through the immediate allocation mechanism in January. The land is designated for the establishment of a university in Sadat City.
Land Details
- Location and Size: The land spans 120,000 square meters and is located on Service Axis No. 2, adjacent to Al-Riyada University in Sadat City.
- Price and Value: The price per square meter is set at EGP 5,450, bringing the total cost of the land to approximately EGP 654 million.
Project Execution Timeline
The project must be completed within 10 years, starting from the date of land handover.
Payment Terms
- Initial Payment:
- 15% of the total land value must be paid as a down payment, divided as follows:
- 10% already paid.
- 5% to be paid within one month of receiving the board’s approval notification.
- Additional charges: 1% administrative fees and 0.5% for the Board of Trustees.
- 15% of the total land value must be paid as a down payment, divided as follows:
- Installments:
- The remaining amount will be paid in 20 equal semi-annual installments, with the first installment due six months after the advance payment deadline.
- All installments are subject to interest based on the Central Bank of Egypt’s announced rate at the time of payment, plus an additional 1% as per Ministry of Finance regulations and 0.5% administrative fees.
Construction Conditions
- The built-up area must not exceed 22% of the total land area.
- Building height is restricted to a ground floor and two additional floors, complying with Civil Defense and military height regulations.
Additional Land Offerings
In January, NUCA offered 75 land parcels across 26 new cities, catering to various purposes such as residential, commercial, hotel, and recreational activities. This number reflects a slight decrease compared to previous months, which saw up to 100 parcels offered.
NUCA provides detailed information about available lands, including prices, locations, and sizes, at the beginning of each month to attract both investors and individuals.
Immediate Allocation Mechanism
Since its introduction in March 2019, the immediate allocation mechanism has facilitated land sales. It allows for the submission of technical and financial offers during the first 15 days of each month, with the land awarded to the most suitable bidder.
