The Ministry of Housing raised cEGP12.5bn from individuals in down-payments for land plots targeted at the middle-income segment (EGP3.5bn) and the upper-middle (EGP2.8bn) and upper segments (EGP6.4bn), for which the window of reservation closed on 2 June. A public auction will be held within two months to complete the allocations. A total of 178,600 bids were received for plots, spread across 21 cities. Highest levels of demand were received for land plots in New Cairo, particularly for the upper segment. Land prices in New Cairo ranged between EGP4,770/sqm and EGP5,020/sqm, and EGP3,800/sqm to EGP5,100/sqm at Sheikh Zayed City. A total of c16,700 bids were received for 1,823 of offered land plots in New Cairo and 488 bids for 180 offered land plots in Sheikh Zayed. (Al Borsa)