Shortlisted companies to compete for projects in four new cities over 11.9m sqm of land – report
Egypt’s New Urban Communities Authority (NUCA) is set to invite 12 real estate developers to bid for a new phase of public-private partnership (PPP) projects with a combined worth of $25 billion in four new cities.
According to news portal Amwal Al-Ghad, the projects on offer cover a total of 11.9 million square metres over eight plots of land located in the newly developed urban centres of Sixth of October City, Sheikh Zayed City, New Aswan and New Damietta.
The NUCA told the portal that the real estate firms that have been shortlisted for the bid so far are Palm Hills for Development, Mountain View, Emaar Misr, Al Ahly for Real Estate Development, Wadi Degla Developments, Zizinia-ARDIC, Qatari Diar, SODIC, City Stars for Real Estate Development, Futtaim Group, Porto Holding, and North Africa for Real Estate Development.
Other firms that wish to apply must have experience developing land areas between 100-500 acres, and preference will be given to companies that can provide funding in US dollars, the authority said.
Terms-of-reference brochures will be completed by the end of this month and be sent to investors, it added.
The criteria for judging the bids will be the highest share of partnership on offer to the NUCA along with the lowest development period, the report said. The NUCA has a successful track record of partnerships with the private sector and last year signed four contracts worth $14.7 billion for 8.4 million square metres last year.