The New Urban Communities Authority has announced a new investment opportunity in New Borg El Arab City during the month of November, offered through the immediate allocation system for investors.
The opportunity includes a land plot with an area of 6,500 square meters designated for the establishment of a hotel project. The plot is located in Neighborhood 7 of District 1 at a price of EGP 10,870 per square meter, bringing the total land value to approximately EGP 70.6 million, with a requirement to pay 5% as a reservation deposit.
According to the authority’s conditions, the building coverage ratio is set at 20% of the land area, with construction heights limited to a ground floor and three upper floors. The developer is required to comply with all Civil Defense requirements and height restrictions set by the Armed Forces.
Additionally, suitable on-site parking spaces must be provided in accordance with the Egyptian Parking Code and its amendments, and all necessary approvals from relevant authorities must be obtained prior to starting project implementation.
The project implementation period is set at three years from the date of land handover, with a requirement to pay 10% of the land value as an advance payment.
This amount is divided into two installments: 5% payable upon submitting the application, and another 5% payable within one month from the date of issuing the allocation approval. In addition, 1% must be paid as administrative fees and 0.5% as a contribution to the Board of Trustees.
The remaining land value is to be paid over six equal semi-annual installments in Egyptian pounds. The first installment is due one year after the allocation approval date.
Interest will be added according to the interest rate determined by the Central Bank of Egypt at the time of payment, in addition to 2% as per Ministry of Finance regulations and an extra 0.5% administrative expenses.
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