The New Urban Communities Authority (NUCA) has announced the offering of a plot of land designated for medical purposes in the Fifth Residential District (R5) of the New Administrative Capital. The land covers an area of 3,846 square meters, priced at EGP 13,410 per square meter, bringing the total value to approximately EGP 51,574,860. This investment opportunity falls under the category of plots less than 5 feddans, with a reservation down payment requirement of 10%. Additional payment conditions apply.
Construction on the plot must not exceed 40% of the total land area. A setback of 6 meters from all sides is required, and the permitted building height includes a basement, a ground floor, and two upper floors. Adherence to the specifications set by the Ministry of Health and Civil Defense is mandatory.
The notice emphasizes the necessity of complying with height restrictions set by the Armed Forces Operations Authority and not exceeding the approved building plans. The authority allows a maximum of three years for project completion from the date of land receipt. The remaining land value is to be paid in six semi-annual installments, starting six months after the initial down payment. These installments will include financial charges: the Central Bank interest rate, 2% per Ministry of Finance regulations, and 0.5% administrative fees.
In March 2019, the New Urban Communities Authority issued new regulations to organize the immediate allocation process for service and investment projects. These include submitting a certified check worth 10% of the land value to reserve plots. Applications are accepted during the first half of each month, and applicants must demonstrate sufficient financial capability for the project.
The Authority’s Board of Directors has decided to amend certain procedures for offering investment opportunities in new cities, particularly concerning the payment of reservation amounts. One major change is that the reservation value will be calculated based on the price announced by the Authority during the initial offering, not the price proposed by the company, which may be higher. Furthermore, payments must be made in Egyptian pounds through bank transfers, and companies are required to include a secondary price per square meter in their financial proposals.
The amendments also allow for an electronic comparison process to determine the winning bid. Developers must pay the difference in the reservation value if awarded the plot. The required reservation percentage ranges from 5% to 10% of the total land value.
