Arkan for Construction and Real Estate intends to implement a new urban development project on 15 feddan in Sixth of October City, West Cairo in the coming period, according to the company's Chairperson Emad Essa. Essa said that the company is currently negotiating with the New Urban Communities Authority (NUCA) to acquire the plot of land on direct allocation system. The new system that the government has approved recently to allocate lands to developers in a very short time and also through city authorities. Negotiations with NUCA focused on the price and methods of payment, he elaborated, expecting the approval will be obtained in the near future, he noted. Furthermore, the company has acquired a 2,000-square-metre plot of land was purchased in Sheikh Zayed city, West Cairo to implement an administrative project. Essa said that the project comprises of 30 commercial units and 70 administrative units, with investments of EGP 65m. Essa pointed out that the project's designs are currently being implemented and is scheduled to be launched within two months from now. The company plans to begin the project implementation in the beginning of the next year and will be delivered within a year and a half, he noted. Additionally, he revealed that the company has sold 60% of Jessy Hills mini-compound in Sixth of October city since its launch in March. Essa highlighted that the company is currently offering three residential buildings at the Sixth of October Northern Expansions. Arkan has participated in the annual Real Estate Exhibition organized by Al-Ahram from 25 to 28 July. Arkan has offered discounts on its projects during the exhibition period, including a deduction up to EGP 500 in the price of square metre, extension of payment period from five to seven years, and reduction of down payment from 50% to 25%.
