No new real estate developers asked to withdraw from the New Administrative Capital project, according to Administrative Capital for Urban Development (ACUD) spokesperson Khaled El Hosseini.
El Hosseini told Daily News Egypt that the ACUD did not receive any requests to withdraw from developing the land in the capital except for Novus Stanza Properties.
El Hosseini elaborated that, “Novus Stanza is the only company that has withdrawn, and I do not expect any further withdrawals. Therefore, because our procedures are specific and strict, we guarantee financial solvency of developed companies in the administrative capital.”
Commenting on the strict conditions which put burdens on developers, El Hosseini noted that the ACUD has its conditions to ensure implementing on a specific date, with specific financial, technical, and time requirements. When contracting with any company, it is important that there will be a specific time requirement, to ensure that the land is not being held off for resale at a higher price and also to agree on strict construction requirements. In addition, the ACUD asks for certain financial requirements and conditions, to guarantee right of the ACUD to receive the value of the land.
Recently there were some sayings that some developers threatened to withdraw from the project because they needed to extend the implementation period for longer than three years. However, El Hosseini denied that noting, “some of the companies need to expand their size of land and we did not receive any complaints or requests to extend the implementation period.”