Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NUCA to launch third phase of partnership projects early next year
EGP 7.8bn of sales achieved from offering 5 skyscrapers in New Alamein city, says Abbas
Published in Daily News Egypt on 03 - 12 - 2018

Waleed Abbas, assistant housing minister for the New Urban Communities Authority (NUCA) said that the authority has adopted 15 ministerial approvals for projects in the New Administrative Capital, expecting to reach 19 approvals by the end of the current calendar year.
Daily News Egypt interviewed Abbas to discuss the NUCA's development strategy regarding the new cities, the transcript for which is below, lightly edited for clarity:
The government has recently announced 20 new cities. When will the NUCA deliver the first phase of these cities?
Implementing 20 new urban cities is underway, representing the fourth-generation cities, including several cities, most notably the New Administrative Capital, New Fashn, New Mallawi, New Sphinx, New Obour, New Alamein, and New Mansoura. The NUCA plans to deliver the first phase of the 20 new cities by the end of the fiscal year 2020/21 in preparation to accommodate people in the same year.
Are there any updates regarding the New Alamein sales?
The sales achieved from offering 5 skyscrapers in New Alamein city have reached EGP 7.8bn out of a total of 15 skyscrapers, and will be launched in the city which is being implemented by the NUCA, and City Edge Developments is marketing them.
The city will include housing units for community segments starting from social housing to luxury housing. We believe that a successful city is where all residential segments live in, not just one.
What is current situation of the development process in New Mansoura city?
The first phase of New Mansoura city includes the implementation of the units of the projects Sakan Misr, Dar Misr, and villas. Moreover, we plan to offer units for middle-income housing in the city soon, as the NUCA began to offer projects with an investment return to direct sales proceeds in order to implement facilities' work and other housing projects in the city.
Furthermore, road development is being constructed to link the cities of New Mansoura and old Mansoura for transportation between the two cities. The road already exists, but the authority is developing it.
The government has made great progress in the New Alamein city. Can you explain the current development process?
The government is currently developing 14,000 feddan representing the first city phase, where the NUCA is currently completing the construction and buildings of the National University, in cooperation with the University of Alexandria. Furthermore, 7.5 km out of a total of 14 km of the tourist walkway in the city are completed, and the authority aims to run this walkway and open it to citizens by next summer.
The general master plans for three industrial developers are being implemented with a total area of 625 feddan, and 500 units of the Sakan Misr project are being implemented and will be offered early next year.
Some developers blame the NUCA because it competes with them in offering units for specific segments. What is your opinion?
The residential units that the NUCA offers to citizens are not considered competitive with the private sector's units, but a means of controlling the prices in the real estate market, and the client is the final judge to choose between the NUCA's units and what developers offers.
The NUCA offers unit prices lower than developers, therefore, contractors who offer units with high prices must provide additional benefits for their customers.
The prices determined by the authority include the cost of land and the implementation cost as well as profit margins and yet, still they are lower prices than the prices of developers.
How many developers bought booklets of conditions for the last investment offering in New Mansoura and New Alamein?
Four plots of land were offered for urban activity in New Mansoura city, and 16 booklets of conditions were sold by mid-November. Moreover, one plot of land was offered in New Alamein and 14 real estate developers have bought booklets of conditions, which reflects the importance of the location of that plot of land and the flow of demand for investing in the city.
How many ministerial approvals have been issued in the current year and what is the target by the end of the year?
The NUCA has approved 81 investment projects in over 16 cities, spread out over a total of 13,697 feddan.
Moreover, nine other ministerial approvals for new projects will be received before year-end, bringing the total to 90 projects approved by the ministry by the end of 2018.
Additionally, 15 ministerial approvals were issued for projects within the New Administrative Capital, with four more ministerial approvals are expected to be issued soon, bringing the total ministerial approvals for projects in the Administrative Capital to 19 approvals by year-end.
How do you see demand on implementing projects in Upper Egypt?
It is noteworthy that there is increased demand by developers to invest in Upper Egypt and new cities outside Cairo and traditional cities, as the NUCA has many requests for acquiring lands in new cities in Upper Egypt.
The latest investment offering did not meet the expected demand by developers and we found that no one applied to invest in some cities. What is the fate of the development of those cities that no one has applied to invest in?
There are three plots of lands which were offered in Sixth of October City and seven investors have applied, and seven plots of land were offered in Sheikh Zayed city and three developers have applied. In addition, two plots of land in Sohag interested four investors, and three plots were offered in New Assiut by three developers who have applied, and three plots in New Damietta and only one developer has applied, plus only one investor applied for one plot of land out of a total of six plots which were offered in Sadat city, Menofiya governorate. Meanwhile, no developers have applied to acquire lands in New Cairo, New Aswan, Qena, and Akhmim.
The cities that have not witnessed demand or have few requests will be re-examined to determine the reason for the lack of interest through a study by the authority's development of those projects. We expect to start the launch of the third phase of the partnership projects early next year.


Clic here to read the story from its source.