Daily News Egypt

NUCA to collect EGP 85bn in proceeds from direct-order land allocation - Daily News Egypt

Advertising Area

Advertising Area

NUCA to collect EGP 85bn in proceeds from direct-order land allocation

Authority received 900 requests for land allocation, says assistant housing minister

Assistant Housing Minister for New Urban Communities Authority (NUCA) Affairs Walid Abbas told Daily News Egypt that direct-order land allocation system has seen great success.

The NUCA has already allocated over 2,000 feddan under the new system, valued at EGP 85bn, and the authority has already collected about 10% of the lands’ value, Abbas said. The authority further intends to connect about 7,000 feddan of affiliated lands with local utilities.

Direct-order land allocation is usually conducted at prices predetermined by special committees based on the fair market value of such land plots.

Abbas said that the NUCA has received 900 requests for land allocation so far, of which 510 requests have been decided. In addition, 243 of the 510 applicants have paid 10% of the land value.

These applications were studied carefully, he said, to ensure the financial solvency of the applying companies and their ability to implement the projects on time. The applicants also provide feasibility studies of their projects as well as their previous experience in implementing similar projects.

Moreover, about 90 ministerial approvals for real estate projects have been issued since the beginning of the year, with more 70 approvals to be granted for real estate projects in new cities during the fourth quarter of 2019.

“The ministerial approvals reflect the healthy investment climate in the local market and the NUCA’s focus on maximising Egypt’s competitiveness and attractiveness to investments and raising economic growth rates,” he added.

Abbas noted that a total of 450 investment projects were approved from 2014 until 5 September 2019, including 83 projects in 2019 with a total area of 15,385 feddan and 95 projects in 2018 with a total area of 18,166 feddan.

Meanwhile, 47 investment projects have been approved in the New Administrative Capital since 2018, including 26 projects in 2019 with a total area of 1,000 feddan, and 21 projects issued in 2018 with a total area of 1,753 feddan.

Abbas pointed out that the value of investment projects waiting for approval amounted to EGP 300bn until the end of August.

The NUCA is working in full swing to complete development of new cities, namely New Alamein, East Port Said, New Mansoura, and New Rachid. The development process aims to turn these coastal areas into year-round cities, not only during the summer, Abbas concluded.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter