Mai Abdel Hamid, CEO of the SHMF, said land sales to real
estate developers help fund the construction of housing units for low-income
citizens. She added the move is in line with presidential directives to make
good use of state-owned real estate assets for comprehensive urban and economic
development.
Abdel Hamid noted the fund is diversifying its financing
sources by collaborating with the private sector. This will help implement
residential units for the "Housing for All Egyptians" presidential initiative,
which targets low- and middle-income citizens, while also generating
sustainable economic returns.
The offering for plot number 9/3-AP will operate under a
100% cash participation model, where the fund bought the land with cash and
NUCA will now market it on its behalf.
According to Abdel Hamid, applicants must pay a reservation
fee of 50 million Egyptian pounds by September 15, in addition to a down
payment of 200 million pounds within three months of being notified of the
fund's board approval.
The project calls for a fully integrated urban community
with residential and service areas. The land is in a prime location near the
Ring Road, the Katameya-Ain Sokhna Road, and other key projects in New Cairo.
Kamal Bahgat, deputy CEO of the SHMF, said applications must
be submitted manually at the NUCA headquarters. They must include both a
technical and a financial envelope, as specified in the terms and conditions
booklet. Applicants have one business day to withdraw their application after
the bidding deadline.
Bahgat added the project's completion timeframe is seven years from the date of the ministerial decree. All civil defense requirements, height restrictions, and Egyptian code-compliant parking standards must be met.