The Administrative Capital Co. sold residential units at EGP4000 per sqm

Thursday 12 July 2018 08:27 PM

Ahmed Zaki Abdeen
Ahmed Zaki Abdeen

By Bedour Ibrahim
Chairman of the Administrative Capital  Urban Development Company Ahmed Zaki Abdeen said that residential units in Residential Suburb R3, developed and executed by Ministry of Housing, rose to EGP4000  per sqm up from EGP3800.
" Owing to its distinguished location, the price of housing units in R3 exceeds that of lands that have been sold to privately-owned developers," Abdeen told Al-Mal newspaper on the sidelines of a press conference organized by ACUDC the day before yesterday.
For it to spend  on utilities, the governmental suburb as well as on infrastructure projects,  ACUDC's self-sufficiency dictated it to raise prompt funds by its own.  
Ministry of Housing is poised to invite citizens to book full-furnished housing units in R3 within days with prices no less than EGP11.250 per sqm on a 3-year installment without interest, according to statements delivered previously to Al-Mal newspaper by an informed source at the ministry.   
Talaat Mostafa Group is negotiating the purchase of 5000 acre plot of land adjacent to the Administrative Capital Air Port, the source added, noting that the Group has bought a plot there at EGP2100 per sqm totaling EGP4.4bn, driving up prices there to EGP7000.
In light of  prices going up persistently in the Administrative Capital by 52% as compared with early last year's  first land sales, developers who have sealed purchases have saved a lot, he explained.