Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, announced the launch of a major investment opportunity in New Cairo. The opportunity consists of a land plot owned by the Social Housing and Mortgage Finance Fund. The land, offered under a partnership system, spans 79 feddans in the Sixth Settlement area. The New Urban Communities Authority (NUCA) will handle all procedures related to offering, awarding, and contracting on behalf of the Fund.
Enhancing Housing for Low-Income Citizens
Mai Abdel-Hamid, CEO of the Social Housing and Mortgage Finance Fund, confirmed that selling land to real estate developers boosts the chances of constructing residential units for low-income citizens. She added that this offering aligns with presidential directives to make use of state-owned real estate assets, thereby supporting integrated urban and economic development. She also noted that the Fund aims to diversify its financing sources in cooperation with the private sector to support the “Housing for All Egyptians” initiative while ensuring sustainable economic returns.
Details of the Offering
Abdel-Hamid revealed details of the investment opportunity, noting that the land carries the reference number 9/3-AP in the Sixth Settlement of New Cairo and will be offered under a 100% cash participation system. She clarified that the Fund, which purchased the land outright, will rely on NUCA for marketing it. The value of the booking deposit amounts to EGP 50 million until mid-September, in addition to a down payment of EGP 200 million payable within three months of the investor’s notification of approval by the Fund’s Board of Directors.
Strategic Location
Abdel-Hamid highlighted the site’s prime location, which will host a fully integrated urban community with residential and service areas. The project lies near the Ring Road and the Katameya–Ain Sokhna Road, in a strategic position only minutes away from major flagship projects in New Cairo.
Application and Procedures
Engineer Kamal Bahgat, Deputy CEO of the Social Housing and Mortgage Finance Fund, explained that applications must be submitted manually at NUCA’s headquarters in line with the tender conditions outlined in the brochure. The process requires submitting two envelopes—one technical and the other financial—with the option to withdraw the application within one business day after the submission deadline.
Implementation Timeline and Requirements
To ensure optimal project execution, Bahgat confirmed that the project’s duration is set at seven years from the date of the ministerial decree. He stressed strict adherence to civil defense requirements, height restrictions, and the provision of designated parking spaces in line with the approved Egyptian building codes.
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