In June, the New Urban Communities Authority (NUCA) announced a new investment opportunity for the development of a commercial-administrative project in New October City. The land parcel, designated as Plot No. 14, is located in the 10th District in the North Airport Zone. The plot covers an area of 10,992 square meters, with a price of EGP 7,440 per square meter, bringing the total cost to approximately EGP 81.8 million.
The building regulations for the plot allow for construction on 30% of the total area, with mandatory setbacks of 5 meters at the front and 4 meters on the sides and rear. The permitted building height is up to 3 floors, and developers are required to provide designated parking spaces in accordance with the Egyptian Code for Parking Requirements.
To secure the land, investors must pay a 5% down payment as a reservation deposit. This amount must be increased to 15% within one month of receiving approval from NUCA’s Board of Directors. Additional fees include 1% for administrative expenses and 0.5% for the Board of Trustees.
The remaining balance of the land’s cost is to be paid in six semi-annual installments, with the first installment due one year after receiving the allocation approval. Interest is applied based on the Central Bank of Egypt’s interest rate, in addition to 1% as per Ministry of Finance regulations and 0.5% administrative fees.
To encourage early completion, companies that finish construction at least one year ahead of schedule are granted a 5% discount on the total land value.