Administrative Capital for Urban Development (ACUD) intends to offer remaining available lands in the New Administrative Capital’s (NAC) first phase, which is estimated at 6,500 feddan, to investors by the end of the year or the beginning of next year, as it prepares for opening the government district in June, said ACUD spokesperson Khaled El-Husseini.
The average increase in land prices in NAC is 10%, and it’s expected to increase by 20% on average after opening the government district, El-Husseini told Daily News Egypt, noting that the price per square metre has reached EGP 45,000 in some areas.
The ACUD is developing the Green River area instead of the New Urban Communities Authority. The project spans on an area of 1,700 feddan, of which 1,000 feddan for green areas. The remaining part will be offered to developers within 1.5 or 2 years. So far, about 20% of the Green River has been completed.
Moreover, the spokesperson said MU23 district is a mixed-use area spanning over about 400 feddan. He unveiled that the lands of the district have been sold out, and the company is currently selling the remaining available lands in MU4 and MU7 districts.
Regarding the implementation rates in the government district, El-Husseini said the rate exceeded 75% (about 705 feddan), and that the district will be opened on schedule.
He added that the implementation rate in the first residential neighbourhood (R1) was 26%, while it reached 80% in R2 and R3, and 56% in R5 and R6.
Additionally, 95% of the Sports City has been completed, while the implementation rate in the Culture and Arts City was 82%, 21% in the banking and business district, and 21% in the skyscrapers area.
The ACUD is also implementing the Capital Hospital with a total investment of EGP 562m and a capacity of 100 beds. The Ministry of Health will undertake administration and equipment supply upon completion of the project. About 35% of the hospital’s construction works have been completed.
The company is building a public school in the New Capital with a capacity of 42 classes and the implementation rate is 65%, El- Husseini said.
He pointed out that the NAC has received 54 ministerial approvals for different projects since August 2018, and 13 more are underway. A total 2,378 building licenses were issued to 27 developers, and 1,360 more are underway.
So far, there are 300 companies working in the NAC, according to El-Husseini.
“The ACUD invites major developers in Egypt and Arab countries to invest in the New Capital because of its great economic and investment feasibility,” he said.
Regarding the possibility of entering in partnership with other developers, he said, “We are open to any partnership, provided that the project has investment feasibility and with an area of no less than 100 feddan. It should also be 50-50 partnership.”
With regard to marketing the New Capital, El-Husseini said the company will participate in the Dubai Expo in October to market the project to investors from all over the world. The ACUD will join Dubai Expo upon an invitation from the Egyptian Export Development Authority.