The New Urban Communities Authority (NUCA) intends to offer 23 plots of land for investment purposes at New Alamein City, Assistant Housing Minister for NUCA Affairs, Walid Abbas, told Daily News Egypt.
The offering will take place under a partnership system with the state in the coming period.
Abbas said that there are approximately 98 developers who have applied to acquire a total area of about 179 feddan of land in the city.
He added that the authority has succeeded in issuing 500 ministerial approvals for project developments in the past six years, for a total area exceeding 100,000 feddan, with 85 ministerial approvals issued during the current year. NUCA plans to reach 120 ministerial approvals by the end of this year, compared to 113 issued by the end of 2019.
Abbas said that the authority is reviewing quicker methods of ministerial approval for investors compared to previous periods, to encourage investors to speed up work and develop their projects to promote Egypt’s Vision 2030.
He also said that the state cannot implement this plan alone, but requires the private sector’s cooperation to contribute to accelerating development rates.
NUCA has issued 66 ministerial approvals for various projects in the New Administrative Capital (NAC), with the total land area for these exceeding 4,000 feddans in the NAC’s first phase.
Abbas added that 30 ministerial approvals have been issued for developments in the NAC over the past year, which reflects the speed of the development process in this promising mega project.
“Ministerial approvals were issued during the first quarter (Q1) of this year for 25 projects with integrated urban activities and investment services, which will be built on a total area of about 2,535 feddan, in 11 new cities,” Abbas said, “These projects contribute to the injection of investments in the local market, estimated at more than EGP 100bn.”
He added, “Strategic plan has been prepared for a number of new cities, foremost of which is Hadayek Al-Asemah (Capital Gardens) on 29,000 feddans along Badr City, which is planned to be an integrated and diversified city, and also includes a residential part designated for government workers in the NAC.”
NUCA has approved detailed master plans for 15 new cities with a total area of about 112,958 feddans. These are located in the cities of New Mansoura, the NAC, New Borg El-Arab, Al-Warraq, New Alamein, New October, Hadyek October, New Malawi, New Fashn, and Qena Expansions.
He revealed that NUCA has received 1,496 land acquisition requests from developers since the introduction of a new market-oriented mechanism for land allocation.
He added that there a number of applications have been submitted under the mechanism to acquire lands. The mechanism offers payment of land reservations in dollars, especially as the investment opportunities available in the new cities are provided to both local and foreign investors. Furthermore, the authority has received requests by investors from Saudi Arabia and Kuwait.
NUCA has recently directed the online offering, whether for individuals or companies, which comes as part of the state’s plan for digital transformation in all activities and in all government agencies.
This aims to make it easier for everyone, whether for government entities, individuals or investors, Abbas said.
He pointed out that the total value of land sales allocated by NUCA amounted to EGP 16bn, granted to the 170 applications that have paid a 10% down-payment. He added that there are fixed standards for land pricing with the continuous review of distinctive sites in new cities, which differ according to the size of development the city is experiencing.