The latest public-private partnerships initiative aims to provide low-income citizens with the chance to own homes in new cities such as Shorouk City, Sheikh Zayed, Sixth of October, and Obour City, confirmed Minister of Housing Ahmed El-Maghraby.
A number of land plots in these cities were sold to 64 investors in order to develop houses for low-income families, El-Maghraby announced.
Prices of land plots come at LE 70 per square meter, with further price cuts for those investors who wish to establish utilities and amenities in these apartments.
“Investors who deploy such facilities will lift a load off the state because costs of setting up utilities are twice as much as the price of the meter, said an official source at the ministry.
The source refused to reveal names of these investors but explained that financial capabilities of each investor determined the size of the plots they were allowed to buy.
“Investors will not be allowed to build spacious apartments or villas on these lands because our main target is low-income citizens, he added. “Sizes of apartments on these lands will not exceed 130 square meters.
Still in the works for low-income citizens is the construction of 20,000 units in Fayoum to be completed within the next three to four years. Orascom Budget Housing Company, a subsidiary of Orascom Hotels and Development, will implement the project with an LE 15,000 grant from the government.
On the other hand, the Social Fund for Development will provide soft loans to assist in furnishing 840 housing units and 44 shops for these low-income families.
