By Amr Abdel Hamid
The General Authority for Reconstruction Projects and Agricultural Development (GARPAD) has concluded deals to sell 3,000 acres from among 15,000 acres that the Authority submitted for auction in the Wadi Natroun area last month. The value of the land sold is approximately EGP 90 million.
Ali Ismail, Executive Director of GARPAD, stated that there are a 100 acres split into ten plots of 10 acres each will go up for auction today. He said that the land is reserved for individual buyers and not companies. He also noted that GARPAD announced on June 18th that 15,000 acres suitable for agriculture would go up for auction.
The auctions will proceed on a daily basis until all the land is sold. Ismail explained that GARPAD has sold approximately 3,160 acres to a mix of individuals and commercial entities. He said that the price of an acre varies between EGP 21,000 and EGP 24,000 based on the location of the land and the number of bidders. Islam stressed that GARPAD will continue to administer the auctions according to established rules for selling reclaimed agricultural land until all of it has been sold.
Ismail added that the value of the land sold is roughly EGP 90 million, saying that GARPAD will soon receive the first 10% of the land value from companies and individuals that wish to pay in installments in addition to a 2% commission. He went on to say that GARPAD requested winners make the first payment within a month of the end of the auction. GARPAD will receive EGP 8,980,299 in initial payments.