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Exclusive: ACUD to invite developers to utilize 1k acres in the Administrative Capital next week

Wednesday 27 June 2018 04:59 PM

Ahmed Zaki Abdeen
Ahmed Zaki Abdeen


By Bedour Ibrahim
Administrative Capital for Urban Development is poised to invite investors to develop 1000 acres next week.
" Lands set to be offered to developers are concentrated on suburb R8 after ACUD has already allocated all lands in R7," chairman Ahmed Zaki Abdeen told Al-Mal newspaper.
Next week's land offerings will certainly fail to meet  ACUD's backlog of requests from investors for lands in the city, he continued, noting that offering other plots of lands is in the pipeline.
With the aim of using  revenues generated from down-payments to finance the construction of utilities and amenities in the city's government suburb as well as others, ACUD is focusing currently on lands put out for sale.
ACUD receives 20% down-payments and  four-year installments, as tenure varies in accordance with size of lands and terms of contracting.  
Other utilization mechanisms including partnership may be tapped in the upcoming period upon the completion of setting up utilities.
The latest pricing for a square meter of lands in the residential, administrative and Commercial areas inside the Administrative Capital  settled at EGP3800, EGP10k and EGP15k respectively, he explained.
" Emaar, among other mega developers, is negotiating with ACUD to get 1500 acres lands in the city."
Regarding the EGP1mln prize announced by ACUD to be given to the winner in a contest for creating a logo and a new name for the Administrative Capital, Abdeen said that applying to  the contest is limited to Egyptian consulting offices which have to purchase a bid requirement booklet against EGP1000.       





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