The New Urban Communities Authority has announced the offering of a fully integrated urban land plot spanning 200,339 square meters located in Neighborhood 11, overlooking the desert road in New West Qena City. This offering falls under major investment opportunities exceeding 5 feddans, aiming to encourage investment in comprehensive urban development and provide suitable land for residential and service-based projects.
According to the information obtained, the building ratio allocated for apartment buildings in the project does not exceed 50% of the total area designated for housing, with permission to construct a ground floor plus three repeated floors. As for detached villas, the construction percentage is set at 40%, while attached villas are permitted to build up to 45% of the land area, with the ability to develop up to a ground floor plus one upper level.
On another note, the Authority clarified that the percentage of land allocated for service areas ranges between 8% and 12% of the total project area. The specific allocation and building heights will be determined individually according to each activity type. It also emphasized the necessity of obtaining all required approvals from the relevant authorities and committing to implementing the project in accordance with the “volumetric theory”, while applying the increase and decrease constraints issued by the Survey Department of the Authority.
The project implementation period is set at five years, starting from the date of issuance of the first ministerial decree approving the project. Regarding the payment system, 15% of the land value must be completed, as 5% has already been paid in advance, while the remaining 10% must be settled within one month from the date the company is notified of the Board of Directors’ approval. Additionally, 1% is charged as administrative fees, and 0.5% goes to the Board of Trustees.
The remaining land value shall be paid over six equal semi-annual installments, with the first installment due one year after the company is notified of the Board’s approval. Financial charges will be added to the installments according to the interest rate announced by the Central Bank of Egypt at the time of payment, plus an additional 2% as per Ministry of Finance regulations and 0.5% as administrative expenses.
The Authority stressed the importance of providing designated parking areas within the plot boundaries, while adhering strictly to the height restrictions set by the Armed Forces Operations Authority, ensuring the development of a comprehensive and safe urban project that serves both investors and end users efficiently.
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