The Administrative Capital for Urban Development (ACUD) confirmed the continuation of negotiations with Emaar Properties to develop a 1,500-feddan plot in the New Administrative Capital, ACUD spokesperson Khaled El Hosseini informed Daily News Egypt.
El Hosseini said, “We are open to all serious Egyptian and Arab companies which desire to invest in the Administrative Capital,” revealing that negotiations between the two companies are on the price of a metre, and described the plot of land as “very unique.”
He added that the ACUD is receptive and welcomes negotiations with Emaar on partnership projects in the Capital if requested, as it is one of the most important Arab companies and will be a gain to the city. “Therefore, we cannot say that the negotiations have stalled because some deals take a long time to agree upon,” El Hosseini elaborated.
Additionally, he pointed out that Egyptian real estate developers in the Capital are able to accomplish high achievement rates within the project.
Furthermore, he denied that any real estate developer working in the Administrative Capital demanded to withdraw from the Capital project, confirming that the project is a distinctive one in its designs, and will witness great demand soon whether by developers or customers.
On Sunday, a report by Bloomberg said that discussions between Egyptian officials and Emaar have stalled because Emaar wanted to buy the land at a price below the EGP 3,500-EGP 4,000 per sqm, which the ACUD did not accept.
In a separate context, El Hosseini said that the development process in the first phase of the Capital is being swiftly finalised compared to the available time in terms of infrastructure and residential neighbourhoods, government, and embassy districts.
He also noted that the development rate of the first phase reached 50% in the government district, which consists of 36 buildings, comprised of 34 ministries, in addition to cabinet buildings, and parliament buildings.