Developers To Get 50 New Plots in NAC

The new land plots will be offered in fixed installments over four years, with a slight increase of about 10% in land prices

The Administrative Capital for Urban Development (ACUD) announced its intention to offer 50 new land plots for developers in the New Administrative Capital (NAC) this year, with a total area of 150 feddans and an estimated sales value of EGP 5 billion. Khaled Abbas, the chairperson and managing director of ACUD, said in a roundtable recently that the new land plots would be offered in fixed installments over four years, with a slight increase of about 10% in land prices.

Abbas also said that ACUD received about $120 million in down payments in the first phase of the NAC project last year, and three requests from foreign investors to acquire areas of about 200 to 300 feddans. He added that the company would announce two new developers this year and issue 7,000 licenses for mixed-use projects and that its net profits before taxes reached EGP 17.5 billion by the end of September 30, and EGP 13.5 billion after taxes, compared to EGP 20 billion for the whole year last year.

Abbas also informed that the company proposed an industrial zone on Sokhna Road, near Sokhna Port, in a strategic location within the first phase of the NAC. The industrial city would be built on an area of 1,800 feddans, and designed by ARCHPLAN Consulting and the company has received more applications from Egyptian investors and manufacturers than the proposed area. With the rent value of the ministries’ headquarters in the government district in the NAC at EGP 4 billion annually, with a 5% annual increase, Abbas concluded that the company achieved EGP 250 billion in land sales, representing about 70% of the total land area in the first phase of the NAC.