No NUCA fines until March
A grace period on late payment fines for properties developed by the New Urban Communities Authority (NUCA) is now ending on 15 March, instead of last month, the authority said in a statement. The grace period applies to homes, offices, retail space, and plots of undeveloped land, and the exemption is only applicable to those who pay all their installments in full. As was the case with the initial grace period, individuals whose ownership deeds have been scrapped due to late payment but are still in possession of the property are also eligible for the waiver, but must agree to forego any legal action against NUCA.
MEANWHILE- A syndicate of five domestic banks signed off on an EGP 1.3 bn loan to Talaat Moustafa subsidiary the Arab Company for Projects and Urban Development to fund the development of its Celia residential project in the new administrative capital, Al Mal reports. The National Bank of Egypt, Arab African International Bank, Abu Dhabi Commercial Bank, Arab Bank, and Suez Canal Bank are all participating, with NBE and AAIB serving as lead arrangers.
ALSO- Concrete Plus Engineering and Construction (CPEC) has upped its stake in Sodic to 5% from 4.93%, it said in a regualtory filing (pdf). A group including CPEC, Act Financial and Hassan Allam Properties now owns a combined 14.98% in the upmarket real estate developer.