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Real estate developers deny withdrawal of their lands in New Capital - Daily News Egypt

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Real estate developers deny withdrawal of their lands in New Capital

In this context, it should be noted that in no case may the land be withdrawn from any of the developers contracting with the ACUD on various activities without obtaining a final judicial decision.


Several real estate developers denied reports that the Administrative Capital for Urban Development (ACUD) has notified them of withdrawing their allocated lands in the New Administrative Capital (NAC).

Developers are stressing that their companies got ministerial approval for developing their projects and are completing required building licenses to begin construction works, while some of them are waiting for the ministerial approval to start implementation.

One of independent economic newspapers reported on Tuesday morning that the ACUD has notified 17 real estate companies, operating in the NAC, that it would withdraw their lands due to their failure to begin developing these projects. The ACUD also denied the report.

In this context, it should be noted that in no case may the land be withdrawn from any of the developers contracting with the ACUD on various activities without obtaining a final judicial decision.

El-Attal Holding Chairperson Ahmed El Attal said his company has not received any notification from the ACUD to withdraw the land allocated to the company to establish the Park Lane Compoundhood project.

El Attal told Daily News Egypt that his company is close to obtaining the ministerial approval for the new project, noting that his company cannot begin construction before getting the ministerial approval.

He disclosed that the company will take legal action against the newspaper that published the report because it defames the company that has been working in the real estate market for 70 years.

Al Shams Housing and Urbanization Chairperson and Managing Director, Mahmoud Maghoury, noted that the company is waiting for the required building licenses to start implementing its project in NAC. These are the usual legal procedures.

Maghoury pointed out that the company obtained required licenses to build fences around the project and that they will begin its implementation next week. They are waiting for building permits during the coming days.

SAK Developments Chairperson Ahmed Kadry also denied the land withdrawal report, adding that his company did not receive any notification from the ACUD.

Kadry noted that his company has obtained the ministerial approval for the development of its project and is waiting only for building permits, pointing out that his company is operating in accordance with the laws governing the work in the NAC.

He highlighted that SAK is currently carrying out earth works in the project’s site, disclosing that the company met on Tuesday with officials of the ACUD to ask about what was published on Tuesday. Such claims harm the reputation of these companies and investment in the new capital as well.

Moreover, a sales official at Akam Developments said that his company has not been notified of any land withdrawal in the NAC, noting that the company is committed to its contract with the ACUD.

He added that the company is currently preparing an official statement to deny the Tuesday report.

Additionally, he highlighted that the company is close to completing the development of its first project in the NAC.   

https://www.dailynewsegypt.com/2019/07/02/real-estate-developers-deny-withdrawal-of-their-lands-in-new-capital/
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