Emaar backs off from 1,500 feddan residential project in Egypt’s new capital

Have talks broken down between Emaar and the new capital authority? Bloomberg reported on Monday that talks between Emaar and the New Administrative Capital Company (NACC) to develop a 1,500 feddan mixed-use project in the city have broken down. The business information service quoted NACC Chairman Ahmed Zaki Abdeen as saying Emaar wouldn’t accept the EGP 3,500-4,000 per sqm price of land in the district. Separate reports, however, emerged a day later citing statements from the UAE-based property developer denying the news. The two sides appear to have been in disagreement since last year. If the reports are true, Emaar would be the second party in recent weeks, after China Fortune Land Development, with which NACC failed to reach agreement on price.