(MENAFN- Daily News Egypt) Chairperson of Administrative Capital for Urban Development (ACUD),
Khaled Abbas, announced that the company is gearing up to issue new facilities for Real estate development companies in New Administrative Capital.
Abbas said that ACUD will provide facilities for developers with projects under 5 feddans, provided they complete and fully finish the façades of the projects within six months.
He noted that the company will grant developers an additional implementation period of up to six months and will reduce any delay penalties by 50%, if applicable.
He pointed out that this measure aims to preserve the aesthetic appeal of the New Capital's projects.
He added that planning is underway for an additional 40,000 feddans. Despite challenges in the first phase, the second phase is expected to be completed by the end of 2025 or early 2026.
The main challenge facing the Administrative Capital Company is management, as we aim to offer a quality of life different from any other city, he disclosed.
He explained that the New Capital is now ready to accommodate around 50,000 employees who work there daily, following the relocation of most ministries.
He explained that initial indicators show the company's pre-tax profits for this year will exceed last year's EGP 27bn EGP by at least 25%.
He said:“The New Capital is open to partnerships with major real estate developers from Egypt and abroad to enhance its future recurring revenues.”
He revealed that, according to studies, the city's maintenance costs will range between EGP 5-6bn annually.
He concluded:“We have received three offers from major companies and have already completed our evaluation of them.”
He stated that a contract will be signed next week with a major Emirati company to develop 500 feddans in the industrial zone, noting that the ACUD is considering expanding the industrial zone, which currently spans 2,000 feddans, due to the increasing demand from industrial developers.
He pointed out that the company had previously signed an agreement with Turkey's Polaris to develop 500 feddans in the industrial zone, with the land expected to be delivered to both companies in the second half of next year.
During the Eighth Real Estate Conference, held under the title“Placing Egypt on the Global Real Estate Map,” Abbas said that the company is in the process of contracting a financial advisor to re-evaluate the assets of the ACUD.
He pointed out that the last valuation was EGP 285bn, at an exchange rate of EGP 15, and anticipated that the asset value could exceed EGP 1trn with the new evaluation.
He concluded that the company has received numerous offers from investment banks to list part of the ACUD on the Egyptian exchange, but the board decided to defer consideration of these offers until the asset re-evaluation is complete and a final approach for the listing is determined.
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