Cairo for Investment and Real Estate Development (CIRA) has made a 10% down payment for a EGP 479 mn land plot in Badr City, the company said in a bourse disclosure (pdf). CIRA will add seven new colleges to Badr University on the 76.5 feddan (321k sqm) plot. It was allocated by the New Urban Communities Authority under a new mechanism announced earlier this year which requires investors and developers to make a 10% “commitment deposit” within 30 days of approval.

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