Daily News Egypt

Six schools received land within R8 area in New Administrative Capital - Daily News Egypt

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Six schools received land within R8 area in New Administrative Capital

ACUD in ongoing negotiations with Emaar, Talat Mustafa to obtain 2,000 feddan

Thirteen schools applied to the New Administrative Capital for Urban Development (ACUD) to obtain lands for the establishment of private and international schools, according to ACUD spokesperson Khaled El Hosseini.

El Hosseini told Daily News Egypt that six schools have so far acquired land in the third offering, in the eighth residential neighbourhood (R8,) with a total area of 18.26 feddan.

These schools are Modern Baron for Educational Services which acquired 3.34 feddan, Al-Hayat College Company for Educational Services KSC with 2.56 feddan, Capital for Advanced Education which acquired 2.16 feddan, Maisa Hassan Azazi who obtained 4.93 feddan, Al Elm Road for Educational Consultations who attained 2.39 feddan, and Horizon Group with 2.87 feddan.

The six schools paid 20% of the land value as a down payment and the first instalment, while the rest of the schools paid only 2% as a down payment, El Hosseini explained.

Eight land plots were allocated for the establishment of international schools in the mixed-use area (MU23) for several companies.

At the level of international universities in the New Administrative Capital, there are seven universities which include Egyptian investors partnering with foreign investors, in the project’s first phase.

He further elaborated that negotiations with Emaar to allocate 1,500 feddan for the establishment of an integrated service residential project is still ongoing.

The land demanded by Emaar is very distinctive in its location in the Capital, and there are discussions to reach a land price favourable for both parties, added the spokesperson.

Additionally, El Hosseini revealed the ongoing negotiations with the Talaat Moustafa Group over an area of 5,000 feddan in the Capital, instead of the area allocated to its Celia project.

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