NUCA approves nature of land change at Sheikh Zayed extension
The New Urban Communities Authority (NUCA) has approved changing the nature of the land plots located in the extension of the east side of Sheikh Zayed City, from “desert land reclamation” to “residential, commercial, retail and recreational,” as per the Presidential decree 30 in 2003. The price premium will be paid over installments; 15% as an upfront payment, followed by a grace period of three years, while the rest will be repaid over semi-annual instalments for seven years. The total size of land eligible for change is 550 feddan. NUCA previously estimated the price premium to be EGP1,660/sqm, which is inclusive of EGP310/sqm in infrastructure costs, but the land owners have requested a reduction on this. (Al Borsa)
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