The Administrative Capital for Urban Development company has decided to offer the units of the residential neighbourhood in the new capital, which will be implemented by the New Urban Communities Authority (NUCA) in the first half (H1) of 2018, where the units will include flats and villas.
Sources in the Ministry of Housing told Daily News Egypt that the company has demanded the companies implementing buildings and utilities to set a schedule to finish the implementation with the deadline being June for basic utilities and the third quarter (Q3) of 2018 for buildings.
The sources added that it has postponed the offering until all utilities and services of buildings are ready for delivery after completing all offering procedures and allocation for buyers.
The sources explained that the company has not yet decided the final price for a square metre and that estimations at the present time near EGP 10,000 per sqm.
“The sales value per metre whether for blocks or villas will be decided based on the real estate sector’s variables at the offering time and based on the estimations put forward by real estate companies for their projects in the new capital, which range between EGP 9,000 and EGP 11,000 per sqm,” the sources went on to explain.
Contracting companies working in the project have demanded increasing the price of a sqm after the increase in the prices of production inputs, where the value of the implementation of a sqm reached EGP 3,200 at the start of construction, and right now it could exceed EGP 5,000, in addition to the cost of utilities and coordination of the site, the sources said.
The space of the residential neighborhood in the New Administrative Capital is 1,000 acres. It includes 25,000 units with areas ranging from 110 sqm to 180 sqm, including the villas area.
Arab Contractors, Talaat Moustafa Group, Petrojet contracting, Concord Holding, and Wadi El Nile Contracting are all implementing the construction of the residential neighbourhood in the new capital.
The sources added that the offering will include residential villas, where contracting companies will start the finishing works in December. Right now, 924 villas and twin houses are under construction.
“Contracting companies implement the first phase of the new capital on an area of 40,000 feddans. The utilities of 3,130 feddans will be completed by H1 2018, divided as following: 1,130 feddans will be implemented by the Holding Company for Construction and Building, 740 feddans will be implemented by the alliance of Orascom and Hassan Allam, in addition to 710 feddans implemented by Concord Construction and 550 by Arab Contractors.
The new capital is located on 170,000 feddans east of Cairo. A management company was established to manage the projects with the contribution of the armed forces and NUCA.