Emaar Misr withdraws from developing 410 feddans in Sheikh Zayed over high prices

Emaar Misr has decided to withdraw from developing two areas in Sheikh Zayed and the Sheikh Zayed extension over high land prices, an unnamed company official tells Al Shorouk. Emaar had submitted a bid to develop a 410-feddan land plot in Sheikh Zayed at a cost of EGP 4,750 per sqm and another bid to develop 1,000 feddans in the suburb’s extension at EGP 2,006 per sqm. The developments were tendered under phase two of the New Urban Communities Authority’s (NUCA) public-private partnership program. Emaar is still in talks to develop 1,500 feddans in the new capital, according to the company source.