3,500 acres sold to developers in new administrative capital

The New Administrative Capital Company for Urban Development sold 3,500 acres of land to real estate developers for the first phase development of the new administrative capital, Daily News Egypt reports. The land sold will be used for residential projects, commercial and office blocks. The company, which manages development on the city, is considering raising prices to EGP 4,000 per sqm from EGP 3,500 per sqm, with down payments of 20% after seeing strong appetite from developers. Talaat Moustafa Holding Group, Misr Real Estate Management and Misr Italia were among the big name buyers.