The Administrative Capital for Urban Development (ACUD) announced its intention to offer 50 new land plots for developers in the New Administrative Capital (NAC) this year, with a total area of 150 feddans and an estimated sales value of EGP 5bn.
Khaled Abbas, the chairperson and managing director of ACUD, said in a roundtable for journalists on Monday that the new land plots would be offered in fixed installments over four years, with a slight increase of about 10% in land prices.
Abbas also said that ACUD received about $120m in down payments in the first phase of the NAC project last year, and three requests from foreign investors to acquire areas of about 200 to 300 feddans. He added that the company would announce two new developers this year and issue 7,000 licenses for mixed-use projects.
He revealed that the company’s net profits before taxes reached EGP 17.5bn by the end of September 30, and EGP 13.5bn after taxes, compared to EGP 20bn for the whole year last year.
He also said that the company proposed an industrial zone on Sokhna Road, near Sokhna Port, in a strategic location within the first phase of the NAC. The industrial city would be built on an area of 1,800 feddans, and designed by ARCHPLAN Consulting. He said that the company received more applications from Egyptian investors and manufacturers than the proposed area.
He pointed out that the rent value of the ministries’ headquarters in the government district in the NAC was EGP 4bn annually, with a 5% annual increase.
He concluded that the company achieved EGP 250bn in land sales, representing about 70% of the total land area in the first phase of the NAC.
