The Urban Communities Authority will auction 1.7 million square meters (410 feddans) of land next month in Sheikh Zayed at Sixth of October City.
The land was withdrawn from a Saudi company that had won the bid for the land in 2007 for LE 855/sqm.
Six companies have reportedly withdrawn the information memorandum for the plot including Palm Hills Developments, SODIC, Hassan Allam Sons and Durra, Al-Mal reported.
SODIC said it may bid for 410 the land in Sheikh Zayed, Bloomberg reported. “We are studying the bid for the land but we are still doing the business plan,” Youssef Hammad, the company’s chief commercial officer, told Bloomberg.
Six of October, also known as SODIC, is one of six companies, including rival Palm Hills Developments SAE, who have purchased the tender documents for the biggest government land sale since 2007, according to Al Mal, a Cairo-based newspaper that first reported the auction.
Palm Hills Development is also eyeing the bid. "We are willing to bid," Palm Hills Investor Relations Manager Bassem El Shawy told Reuters.
The auction will take place on July 27, Hammad said. The land plot is located near the company’s flagship Allegria project, a luxury residential project, reported Bloomberg.
