The New Urban Communities Authority (NUCA) has received offers to pay 100% of the value of the most distinct residential land plots offered to individuals in the cities of New Cairo and Sheikh Zayed in cash.
NUCA collected EGP 12bn in down payments from 201,000 individuals to reserve 24,000 land plots in social housing, distinct, and most distinctive sectors in 19 new cities.
Housing Ministry sources told Daily News Egypt that the offers covered 2,051 land plots in New Cairo with a price of EGP 5,400 per square metre next to 41 plots in Sheikh Zayed at a price of EGP 5,600 per square metre.
The sources indicated that the value of plots of land offered ranges from EGP 2.5m to EGP 4.5m per plot in Sheikh Zayed, depending on the area, and between EGP 2.2m and EGP 6m in New Cairo.
The sources said that NUCA revises the offers to select competitors on each plot and could hold a public draw to choose one winner if several individuals offer to buy the same plot.
The most distinguished land plots include 3,930 plots in 10 new cities with a down payment of EGP 350,000. The lands are awarded based on a public draw scheme between those that present the highest down payment, as long as the offer is not less than 50% of the value of the land.
Moreover, the source said that the total down payments amounted to EGP 12bn, including EGP 3.5bn for the social housing land and EGP 5.5bn for distinctive pieces and EGP 3bn for the most distinguished pieces, adding that 201,000 people presented offers from 237,000 who bought the prospect booklet.
The demand includes 137,800 individuals to reserve 12,700 plots of social housing and 54,600 individuals to reserve 7,373 distinctive pieces and 8,558 individuals to compete for 3,930 pieces of the most distinctive lands.
The revenues expected from the offering amount to EGP 20bn, including EGP 3bn from social housing, EGP 6bn from distinctive lands, and EGP 11bn from the most distinctive land.