The New Urban Communities Authority (NUCA) has announced the offering of a large plot of land in El Shorouk City, located in the City Center 2 area, designated for mixed urban use. The sale follows NUCA’s direct allocation mechanism, which has been in place since March 2019. This offering was made in August as part of the authority’s plans to develop new cities.
The plot covers an area of 25,462 square meters, with a set price of EGP 18,040 per square meter, bringing the total land value to approximately EGP 460 million. The development timeline is set for three years, starting from the date of issuance of the first ministerial decree related to the project.
The building regulations stipulate that 60% of the total land area be allocated for integrated urban activities and 40% for investment activities. Within the integrated urban section, no more than half of the designated housing area may be used for apartment buildings, with a maximum building ratio of 50% of the allocated housing area. Villas have varying building ratios based on type: 45% for twin, town, and quarter villas, and 40% for standalone villas.
Villas are permitted a height of ground floor + one upper floor, while apartment buildings can be ground floor + three upper floors. Roof rooms are allowed, provided they do not exceed 25% of the ground floor area and do not form an independent residential unit.
The land recipient must pay 25% of the total land value in Egyptian pounds, calculated after deducting the 10% already paid in advance. The remaining 15% must be paid within one month from the date of being notified of the Board of Directors’ approval for allocation, in addition to 1% administrative fees and 0.5% for the Board of Trustees, based on the final price approved by the Main Real Estate Committee. The remaining balance is payable in six equal semi-annual installments in Egyptian pounds, with the first installment due six months after the down payment. Installments will incur financial charges determined by the Central Bank of Egypt’s interest rate at the time of approval notification, plus an additional 2% as per Ministry of Finance regulations and 0.5% administrative fees.
In March 2019, NUCA introduced new rules for allocating investment and service lands directly, aiming to enhance transparency and speed up investment processes in new cities. These rules required applicants to submit a certified bank cheque of 10% of the total land value to prove seriousness. With recent updates, allocation procedures now calculate the seriousness deposit based on the announced price at the first offering, with payment strictly in Egyptian pounds via bank transfer to ensure accurate financial documentation.
The authority also requires companies to submit an additional price per square meter in their financial offer, preparing for any potential bidding rounds. Evaluation between offers can now be conducted electronically for maximum transparency. If the final price exceeds the announced price, the winner must pay the difference in the seriousness deposit. This percentage currently ranges between 5% and 10% of the total land value, depending on the nature of the offering and the intended activity.
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