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Egypt manages to sell superbly-finished flats in AC and Almein cities only within 4 days

Tuesday 24 July 2018 08:54 PM

Mostafa Madbuly
Mostafa Madbuly

By Bedour Ibrahim

Only within four days, Egypt's Ministry of Housing and Urban Communities got ensured about  selling the first phase of  housing units and 1200 flats put out for sale in both the Administrative Capital City and New Almain's three towers of North Edge Towers respectively.
Up to 4315 citizens filled out reservation forms online for 2048 housing units that were offered by MHUC in the Administrative Capital City, as total sales in New Almein's three towers are estimated at EGP5bn.
According to HUC minister and prime minister Dr. Mostafa Madbuly, reserving the Administrative Capital's 2048 units  was conducted via 9.7mln online visits, of which 2mln were conducted by Egyptian expatriates, as up to 9409 visitors got the passwords in confirmation of reservation.
" Filling out the forms and disbursing the down-payments remains viable until Thursday July 31 whereas actual reservation kick-starts on August 12 until August 21," said he, noting that the housing units will be allocated on the basis of  earliness in booking the units online,  all applicants have equal chance and that constructing new units may be considered should applicants exceed the available ones.
The Administrative Capital City's superbly-finished units are situated in Capital Residence suburb, according to deputy MHUC for National Projects Eng. Khalid Abbas.
Applicants have to disburse EGP100,000 advance payment as well as EGP500 registration fees, in addition to  10% and 1% plus 0.5% fees to the Trustees Council out of total value of the unit within one month following reservation date, he added.  
10% of the unit value shall be disbursed within 6 months of reservation date and 10% upon receiving the unit, whereas the remaining sum shall be paid via quarterly installments over periods including 3, 5 or 7 years, according to terms documents.
Regarding New Almein's units, three towers that have been sold include 1200 flats with 90 and 351 sqm and prices ranging from EGP4mln per unit and EGP11mln, according to an informed source at City Edge Real Estate Development
With each storey in the 40-storey tower having 10 flats, other 5 towers are currently in the process of being marketed.