New Capital City so far sold 3,500 acres to developers
The New Capital City (NCC) has so far sold 3,500 acres of land to real estate developers in the first phase of the city, to be used for residential, retail and commercial projects. The company is considering raising prices in Jan 2018 to exceed the current price of EGP3,500/sqm, according to Ahmed Abdeen, NCC CEO. The company booked EGP10bn from the first tender, which included seven plots with a total size of 950 acres. The first phase of the city (40,000 acres) is expected to be developed in 3-4 years.
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