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Sunday, 3 July 2016

New Administrative Capital Company sets capital land prices at EGP 3,000-5,000 per sqm

The New Administrative Capital Company (NACC) has set prices at EGP 3,000-5,000 per sqm for land at the capital tendered by the New Urban Communities Authority, with the firm to begin offering the first phase of land for investment in September, Al Borsa reported on Saturday. For land to be developed for urban use, prices were set at EGP 3,000 per sqm for areas exceeding 500 feddans, with prices increasing to EGP 4,000-4,500 for small and medium-sized plots. As for land set for commercial, administrative, and entertainment use, prices start at EGP 3,500 for large land plots and EGP 5,000 if they’re in close proximity to New Cairo. The NACC and developers had previously had disagreements regarding the pricing of land at EGP 4,310-4,510 per sqm, where developers pushed for land prices to increase in line with other developments such as Future City.

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