Egypt negotiates with a property developer to seize 800 feddans in new capital

Egypt’s New Administrative Capital Company for Urban Development, a company in charge of developing the project, unveils that it is negotiating with one of the real estate developers to attain around 800 feddans.

Magdy Amin, chairman of real estate sector at New Administrative Capital Company, said Thursday that his company has sold 1,600 feddans in the first phase of the county’s new capital to the real estate developers.

The company is currently preparing to launch a number of new land plots in the new capital, Amin stated, adding that these land will include 1,000 faddans.

The Egyptian official further referred that the new capital will encompass a road network of about 650km as well as some utilities networks, which is being executed for the first time inside tunnels there.