The New Urban Communities Authority (NUCA) has announced the availability of a residential and hotel-use land plot in the second sector of North Coast lands, specifically in the Al-Ghafeira area, for sale through a public-private partnership.
Details of the Land Plot
- Location: Al-Ghafeira, North-Western North Coast.
- Area: 2,699,340 square meters.
- Price per Square Meter: EGP 6,550.
- Total Value: Approximately EGP 17.68 billion.
- Project Completion Timeline: 4 years from the issuance of the first ministerial decision.
Payment Mechanism
The land is offered with two payment options: direct sale or a combination of in-kind and cash contributions. The most favorable proposal will be selected.
Building Conditions
- The total ground floor areas for residential, hotel, and service buildings must not exceed 20% of the allocated land area.
- Buildings are restricted to a ground floor and two additional floors, adhering to the height limitations set by the Ministry of Defense.
- At least 50% of the project’s total units must be designated for hotel use.
NUCA’s Land Offerings for January
This plot is part of NUCA’s broader January offering, which includes 75 land parcels across 26 new cities. These lands are allocated for diverse purposes such as residential, commercial, hotel, and recreational developments to meet varied investor needs.
Immediate Allocation System
NUCA has employed the immediate allocation mechanism since March 2019. Under this system, plots are listed during the first 15 days of each month, with detailed information such as price per square meter, location, and area. Following bid evaluations, the land is awarded to the most suitable offer.
The availability of land under this mechanism ensures streamlined processes and attracts a wide range of investors, contributing to the growth and development of Egypt’s urban landscape.
