The Administrative Capital for Urban Development Company (ACUD) has cut land-reservation down-payments at the New Administrative Capital (NAC) to 10%, instead of 20%.
ACUD Chairperson Ahmed Zaki Abdeen said the company has provided a package of facilities for investors, to promote investment at the NAC project. Developers can schedule land instalments as per their request during the last period.
Abdeen emphasised that the company has not granted extension periods for developers in which to develop their projects, despite some requests for such an extension. He added that each application is studied separately in order to determine the full facts before a decision is reached.
Every company requesting a contract on a plot of land has to pay ACUD 20% as a down payment for the land. However, due to the novel coronavirus (COVID-19) pandemic, the company has opted to reduce the contract down payment to 10%.
Magdy Amin, Head of the ACUD’s Real Estate Sector, told Daily News Egypt that nine companies have until last week taken up the 10% down-payment option. A further seven companies have paid 20%, bringing the total developers who have acquired lands in the NAC’s downtown area to 16.
Amin added that the majority of the land offered in the downtown area has been allocated for service activities, with areas ranging from 6,000 sqm to 5 feddan. The total area taken up by the NAC’s downtown area stands at 1,300 feddan.
Amin stressed that ACUD is currently focusing on selling downtown area land which is available to serious investors and companies. He noted that the remaining areas offered for sale in the NAC are estimated at 6,000 feddan out of a total of 24,000 feddan.
He revealed that the company has received 25 requests to obtain land in the city, which are currently being considered.
The NAC spans over 170,000 feddan, and will include 650km of road network and 20 residential areas projected to accommodate 6.5 million people. The government has offered a first phase of 40,000 feddan, which has almost been sold out. The development will include an international airport, monorail and electric train to link it with 10th of Ramadan and Salam cities.