By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022
    Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022
    June 8, 2023
    Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS
    Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS
    June 8, 2023
    AI-generated academic science writing can be identified with over 99% accuracy
    AI-generated academic science writing can be identified with over 99% accuracy
    June 8, 2023
    Afreximbank provides Egypt’s CIAF Leasing with $44m aircraft financing facility
    June 8, 2023
    Ezdehar launches EGP 2bn fund to invest in small enterprises by September
    Ezdehar launches EGP 2bn fund to invest in small enterprises by September
    June 8, 2023
  • Politics
    PoliticsShow More
    Israel's neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
    Israel’s neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
    June 8, 2023
    Renewed clashes erupt in Sudan’s Omdurman, Khartoum
    Renewed clashes erupt in Sudan’s Omdurman, Khartoum
    June 8, 2023
    Abdel Ghaffar highlights Egypt’s government achievements in health sector during Africa Health ExCon
    Abdel Ghaffar highlights Egypt’s government achievements in health sector during Africa Health ExCon 
    June 8, 2023
    A legally binding agreement must be reached on GERD: Al-Sisi
    A legally binding agreement must be reached on GERD: Al-Sisi
    June 8, 2023
    Egypt’s Al-Sisi starts African tour to Angola, Zambia, and Mozambique
    Egypt’s Al-Sisi starts African tour to Angola, Zambia, and Mozambique
    June 7, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: New Administrative Capital:  Dream come true
Share
Notification
Latest News
Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022
Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022
Business
Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS
Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS
Business
Israel's neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
Israel’s neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
Politics Region
AI-generated academic science writing can be identified with over 99% accuracy
AI-generated academic science writing can be identified with over 99% accuracy
Business
Afreximbank provides Egypt’s CIAF Leasing with $44m aircraft financing facility
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Real Estate > New Administrative Capital:  Dream come true
Real Estate

New Administrative Capital:  Dream come true

Shaimaa Al-Aees
Last updated: 2018/03/11 at 1:03 AM
By Shaimaa Al-Aees 8 Min Read
Share
SHARE

Since the Egyptian government announced, at the Egypt Economic Development Conference (EEDC) in Sharm El-Sheikh on 13 March 2015, its intention to launch a new capital city (New Administrative Capital), a public outcry has accused the government of launching a media crackdown and building imaginary success based on a far-fetched idea of expanding into the desert to erect a colourful capital for Egypt.

The New Administrative Capital (NAC) has a bright future as it is the natural extension of New Cairo. The NAC project was announced in March 2015 and was launched last October.

Egypt has achieved great success in developing the NAC. Over the past two years, the Administrative Capital for Urban Development, the state-owned company overseeing the city’s development, has sold 5,000 feddans to about 40 companies.

Furthermore, the ambitious governmental plan aims to increase the size of Egypt’s urban areas to 12% by 2050, and with 14 cities already in the pipeline to absorb population growth, the country is aggressively undertaking the real estate sector’s most pressing needs.

The NAC is built over 168,000 feddans of land. It is bordered by Badr City, with both in between the Cairo-Suez Road and the Cairo-Ain Sokhna Road, adjacent to New Cairo, Future City, and Madinaty.

The announced cost is $45bn and is expected to host 5 million people by the year 2050.

The first phase is expected to be on an area over 10,000 feddans, hosting around 7 million people. The second stage will be built over 15,000 feddans. The first stage of the first phase will be finished by the end of this year.

The NAC is the latest and largest investment and real estate project in Egypt. A temporary road currently leads into the new city until the main road, Mohamed Bin Zayed Road, is completed.

The new city is planned to host a conference centre, exhibition city, governmental district, residential district, medical city, sports city, , and a smart city, in addition to a huge central garden, spread over 8 sqkm.

The “green river” is considered the most prominent attraction for expected residents and tourists, a waterway that imitates the Nile River. It is expected to run 35 km, crossing the city and its universities. The green river is expected to be covered by many central and entertainment gardens over the space of 5,000 feddans and will be open to citizens free of charge.

Egypt has ambitions to complete the development of the first phase within three to four years maximum, aiming to include a government district to house a new presidential palace, parliament, and 32 ministries, as well as foreign embassies.

Furthermore, the NAC will include monorails, as the Ministries of Housing and Transport announced their plans to launch two monorail projects in Greater Cairo. They will serve 48,000 passengers per route and 1 million passengers daily. It is expected to be complete by 2020.

Moreover, it will include a central business district and the tallest building in Africa, to be developed by the China State Construction Engineering Corporation (CSCEC) on 500 sqm. It will include 12 business complexes, five residential building, and two hotels.

A new opera will be established on 120 feddans, as well as a large mosque and a cathedral, planned to become the headquarters of the Coptic Orthodox Church. The new cathedral is twice the size of Cairo’s Saint Mark Cathedral, the current headquarters.

Concerning infrastructure, the project will be linked via a new railway line, which will be connected to the country’s railway network. In addition, an electric train project, which will link the city to both 10th of Ramadan and Bilbeis cities. Moreover, an international airport will be built over 33 sqkm in addition to a 650-km road network.

Residential area of the NAC

The new capital will include 21 residential districts, hotels, playgrounds, and an airport, as well as schools, hospitals, and shopping centres.

The total number of residential units is 25,000 with areas ranging between 130 and 180 sqm. The number of residential units in the first phase is 17,000, with about 65% of the phase completed.

The residential area of the NAC offers different residential units, varying in space and location.

The district offers 4,000 villas and townhouses with areas between 200 and 400 sqm. One hundred and ninety villas and 71 townhouses will be built in the first stage, while 139 villas and 50 townhouses are pegged for the second stage.

 

Furthermore, the project encompasses several residential compounds, some of which are under construction, while others have already finished their first phase. The most prominent are Il Bosco, Midtown, Midtown Solo, Rhodes, The City, Pukka, and Tiba Rose.

Average sales prices range from EGP 4,000 to EGP 18,000 per sqm. The developers offer reservations with a down payment ranging from 10% to 20%, with payment plans from six to nine years. Delivery dates start from mid-2020.

The Administrative Capital for Urban Development awarded the development of the city to a number of Egypt’s biggest developers, including Talaat Moustafa Group Holding Comppany, Hassan Allam Holding, Concord for Engineering and Construction, a coalition including Orascom, Petrojet, and Wadi El Nile. Also participating are an Egyptian-Spanish coalition and the CSCEC, one of the world’s top 250 construction companies and the company behind building Africa’s tallest skyscraper (345 metres), which will be constructed in the heart of the NAC’s business centre.

Achievement

The construction of the governmental district is 25% complete. Five thousand feddans of land was sold to real estate companies in the first phase of the capital, including land for residential, commercial, and administrative uses.

Forty percent of the administrative capital’s land will be used for residential activities.

Sixty percent of road construction has been completed

 

Great demand, price hikes

Apartment prices in New Cairo increased by 59% over the past year, which is a sign that investing in the real estate market is still the most attractive investment opportunity in Egypt, according to Ayman Sami, head of JLL MENA’s Egypt office.

Demand for new capital on online platforms

During the period between December 2016 and May 2017, the New Administrative Capital was not popular on the online marketplace OLX. Yet, starting from last July to January, the number of searches for properties listed for sale in the NAC increased 12 times compared to the first six months of 2017, with an average of 26,000 searches per month, representing 88% of total property searches on OLX.

You Might Also Like

Redcon Properties signs MOU with Honeywell for its Golden Gate project

E-Systematic launches MLS real estate platform in Egypt: CEO

Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments

Real Estate Development Chamber proposes solutions to boost local market

Housing Ministry allocates 250-feddan land plot to Madaar to build Azha North project

TAGGED: New Administrative Capital
Share this Article
Facebook Twitter Email Print
Previous Article Supply Ministry increases subsidies, issues special category cards 
Next Article Development of slums: because humans are more important than stone 
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022
Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022
Business
Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS
Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS
Business
Israel's neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
Israel’s neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
Politics Region
AI-generated academic science writing can be identified with over 99% accuracy
AI-generated academic science writing can be identified with over 99% accuracy
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?