Badr City receives 60 applications to allocate 694,000 sqm for investment projects

Daily News Egypt
2 Min Read
A parallel project for middle-class housing units is being studied with six real estate developers (DNE Photo)

By Ahmed Samir

The Badr City Authority received applications to allocate 60 pieces of investment land of 694,000 sqm, whether through participation with the private sector or purchasing to implement a number of projects.

Head of the Badr City Authority, Mustafa Fahmi, told Daily News Egypt that the applications include 50 applications for the establishment of commercial markets on areas of ​​2,000 sqm each, with a total of 100,000 sqm. Five other applications were for the establishment of hypermarkets of ​​15,000 sqm for each, with a total of 75,000 sqm.

Three more applications were submitted for the establishment of medical centres on ​​5,000 sqm each, with a total of 15,000 sqm, in addition to two pieces of land to establish two private universities on ​​168,000 sqm each, with a total of 336,000 sqm.

Fahmi said the authority will present the applications to the Ministry of Housing which will present it, in turn, to the cabinet, to decide on the allocation of land.

The Badr City Authority is awaiting the cabinet’s decision to allocate 30 acres to an Egyptian investor to establish a private university on the Suez road.

He pointed out that the authority completed a study of the city’s service projects to start offering them to investors during the second half of the current fiscal year (FY) 2015/2016 according to the needs of the city, with a total area amounting to 500 acres.

The lands will be put up for sale to investors to implement service projects over three years, starting from the current FY.

Badr offered investment lands during 2015 and four companies acquired five pieces of investment service land through a public auction for 15 pieces of land with a total area of ​​64,000 sqm being bid over by 118 companies.

Share This Article
Leave a comment