Hassan Soliman, chairperson and managing director of Masr Capital for Projects Valuation and Assets Administration (MCA) and head of the Afro-Asian Foundation for Projects Assessment and International Arbitration, has estimated the revenues from the sales of investment lands in the first phase of the new administrative capital to be EGP 20bn from the 1,500 feddans (1,557 acres) sold.
Soliman pointed out that the average price of offering these lands may reach EGP 3,500 per square metre, which is comparable to similar areas or those close to the capital’s location, such as Al Shorouk city, Madinaty, and Badr, even though the capital will represent an architectural interface for Egypt rather than just another new city.
According to Soliman, the total price to be paid for the utilities in these lands and the implementation of a residential and governmental neighbourhood may reach EGP 10bn, which means that the implementation of the total works in the capital will not cost the state’s treasury a single piaster.
He stressed that Egypt does not need any foreign bodies for the implementation of the administrative capital project or even funding for installing utilities, since the project itself is able to attract local and foreign investments. Moreover, the timetables for the offering of investment lands is adjustable in a way that allows the obtainment of these lands to reallocate the amounts for the implementation of utilities and non-investment neighbourhoods, such as the axis of residential units and the governmental neighbourhood, Soliman noted.
“The New Administrative Capital is located on an area of 168,000 feddans (174,400 acres)—equivalent to the state of Singapore—which means that Egypt is close to creating a new state that is 60 km away from Cairo and from Ain Sukhna, which requires everyone to unite to make this gigantic project successful,” said Soliman.
He added that the new capital will reduce population pressure on Cairo, accommodating 6m-7m people on 10,000 feddans (10,380 acres) within the first phase of the administrative capital.
He noted that one of the most prominent social aspects of the project is the social and intermediate housing hub, which is implemented with a total of 25,000 residential units, where areas will range from 100 to 180 meters, which suits the segment of the population with the largest demand on real estate. The hub also includes villas to address the higher income classes, where 4,000 villas were implemented.
He added that the project also includes an integrated science city, making the project much more than an entertainment locality with its parks and gardens. Soliman pointed out that the new capital will be connected to the country’s railway through the electric train project. It will also include an international airport and the latest network of roads on the global level.
Another aspect that makes the capital more attractive to investors is the guarantee of no electricity problems, as the project will include the largest electricity plant in the world with a 4,800MW capacity, which is equivalent to three times the electricity produced by the Aswan High Dam, according to Soliman.