The Administrative Capital for Urban Development (ACUD) company has announced the introduction of the “equal instalments” system for land offerings in the New Administrative Capital (NAC), east Cairo. This is the first time that the company has applied this system.
Khaled Abbas, the Chairperson and Managing Director of ACUD, said: “The ACUD has offered plots of land in the MU23 area for mixed-use projects, in the most distinguished locations on Al Amal Axis and facing the Sports City.”
Abbas added: “The company’s board of directors has approved the sale of land plots in the NAC using the equal instalments system, which allows developers to purchase land in instalments with equal quarterly payments.”
He explained that the approval of the equal instalment system came within the framework of encouraging real estate development companies operating in the NAC and reducing the burden on investors in light of the rising prices of building materials. He also stressed the importance of maintaining an active and effective real estate market in the New Capital, as the NAC accounts for a large percentage of the business of this promising market.
He stated: “The terms and conditions for the offering will be published on the company’s official website, starting from Sunday, 1/14/2024, until Wednesday, 1/24/2024.”
The ACUD was established in April 2016 and works in the field of urban development, aiming to develop, manage and operate the NAC project as one of the most important national and strategic projects for Egypt. It is a company subject to Investment Law No. 8/1997, with a paid-up capital of EGP 44.6bn. In 2022, the company achieved total pre-tax profits of EGP 19.8bn, and the value of its assets rose to EGP 255bn.
It is planned that the NAC will accommodate up to 8.5 million people upon the completion of all construction phases and that the New Capital will contribute to alleviating congestion in Cairo and confronting rapid population growth.
