EMUD to offer 400 acres lands inside Mostakbal City mid-2020, chairman
El-Mostakbal For Urban Development is poised to start inviting investors to develop 400 acres lands within the fourth phase of Mostakabl City’s housing projects by the second half of this year, according to chairman Esam Nasef.
“ Bids received from leading real estate entities seeking to develop lands in Mostakbal City are currently thoroughly studied to determine the ones most in line with the city’s overall development scheme.”
Prices of lands in Mostakbal City jumped five to six times up from first land offerings dating back to 2014, reflecting how the city and demand for investing are both growing significantly,he explained.
While declining to hike land prices in 2019 owing to some market circumstances, El-Mostakbal for Urban Development may introduce modest and slight increases in 2021 upon advice from a notable property appraisal firm, he noted.
Finalizing utilities and infrastructure network as soon as possible is prioritized by the company.” Hence, it entered into agreement with a specialized contracting company over a 1500 acres at EGP3.5bn costs.”
Among companies that had contracts with El-Mostakbal for Urban Developments are Kharafi-Hyundai, Getra, El-Sewedy, the Egyptian-Chinese company, El-Giza Cables, Egyco and Siac Construction.
Up to EGP2.1bn costs for bringing in water to the city have been disbursed to the New Urban Development Authority, after electricity reached Mostakbal City Transformers Station 1 late last year.
