The Administrative Capital for Urban Development (ACUD) announced that it has completed the allocation of all lands of the neighbourhood known as R7, the second offering in the capital, according to spokesperson Khaled El Hosseini.
El Hosseini explained that R7 is on 2,500 feddans and was offered on 17 December 2017, with an average price of EGP 4,000 per sqm.
He pointed out that the total land space sold reached about 1,143 feddans, allocated to 30 real estate companies, associations, and clubs affiliated with state bodies. All of them have paid the down-payments and the rest of the area is allocated for roads, landscaping, offices, services, and administrative activities.
“R7 is one of the largest residential neighbourhoods in the project and was sold in a few months and the sale of all the land gives strong indicators on the confidence of investors and various agencies in the project and supervisory authorities,” El Hosseini said, adding, “the company is currently preparing for the third offering during the next few months in June or July at maximum and prices will often be the same as the average prices of the second offering.”
In a previous interview with Daily News Egypt, El Hosseini noted that the ACUD completed 40% of the government district’s construction.
The government district will house the presidency and parliament. They are to be transferred to the New Administrative Capital by mid-2019.
The embassies district is on an area of 1,600 feddans. It will be divided into unequal areas, ranging from 1-20 feddans for each embassy.
Moreover, with an area of 170,000 feddans, the capital will include 20 residential areas (neighbourhoods) expected to accommodate 6.5 million people and a 650-km road network. The capital will include an international airport and an electric train to link it with the cities of 10th of Ramadan and El-Salam.
It will feature 1,250 mosques and churches, a 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.
The New Administrative Capital is located in the area between the Cairo-Suez and Cairo-Ain Sokhna roads, east of the Regional Ring Road. Its location is roughly 60 km from the cities of Suez and Ain Sokhna.
The ACUD is 51% owned by the Egyptian Armed Forces and 49% by the New Urban Communities Authority (NUCA). The paid-up capital of the company amounts to EGP 20bn, including contributions from the armed forces and the NUCA, and its authorised capital is EGP 204bn.