The Ministry of Housing, represented by the Urban Communities Authority, has offered a plot of land in the first phase of New Mansoura City on the beachfront to establish commercial, recreational and hotel activities with an area of 46,366 thousand square meters.

The price per square meter is EGP 20,535 thousand, as the total value of the plot is expected to exceed EGP 950 million, with construction requirements including a plot exploitation factor of (1.8) not exceeding the approved height restriction in the city, which is (18 meters), while the setbacks within the plot of land are not less than 6 meters from all sides.

The Authority explained that a basement will be allowed in accordance with the Egyptian code, and the land area is subject to increase or decrease, and the criterion is what is delivered in nature by the Survey Department of the Authority.

The developer is obligated to provide parking spaces within the boundaries of the plot of land in accordance with the Egyptian Code for Garages and its amendments, and the height restrictions imposed by the Armed Forces Operations Authority for the region are also adhered to, not exceeding the construction requirements of the project.

Regarding the payment method, the developer is committed to completing the payment percentage up to 25% of the land value in Egyptian pounds within one month from the date of notification of the Board of Directors' approval if the allocation is approved, in addition to (1% administrative expenses and 0.5% Board of Trustees), provided that the final price approved by the main real estate committee is dealt with.

The remaining price of the land is paid in 6 equal semi-annual installments in Egyptian pounds, the first of which is due 6 months after the specified date for payment of the down payment.

All installments are charged with the financial burdens determined according to the interest rate announced on the Egyptian pound by the Central Bank of Egypt on the date of notification of the approval of the Authority's Board of Directors until the date of payment (in addition to 2% according to the instructions of the Ministry of Finance and 0.5% administrative expenses).