The New Urban Communities Authority has announced the sale of a land plot designated for hotel and commercial use in October Gardens City, available through an immediate allocation mechanism in January.
The land is located along the main service axis on Zewail Road in October Gardens City, covering an area of 1,916 square meters. The price per square meter is EGP 19,470, bringing the total value of the land to approximately EGP 37.3 million, according to financial calculations.
The project is required to be completed within three years from the date the land is handed over.
Regarding payment terms, the company must complete 25% of the land’s value in Egyptian pounds, with 10% already paid and the remaining 15% due within one month of the notice of approval from the board of directors. An additional 1% administrative fee and 0.5% board of trustees fee will apply. The final price will be based on the rate approved by the main real estate committee.
The remaining payment can be made in six equal half-yearly installments, with the first installment due six months after the down payment deadline. All installments will include interest charges at the prevailing interest rate set by the Central Bank of Egypt at the time of notification, plus an additional 2% as per Ministry of Finance regulations and a 0.5% administrative fee.
The Authority has set a limit of 30% for the building area relative to the total land area. The structure should consist of a ground floor and three additional repeated floors, adhering to civil defense regulations.
Additionally, the Authority has announced the availability of 75 land plots for sale through the immediate allocation mechanism in 26 new cities this January. This offering is considered substantial compared to previous months, which typically saw around 100 plots being offered. The available plots serve a wide range of purposes, from residential to hotel, recreational, and more, catering to the diverse needs of investors.
At the beginning of each month, the Authority releases detailed information about the plots, including the price per square meter, location, and size, to attract investors and individuals.
