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Cairo Investment obtains EGP 500m land plot in Badr City

Cairo Investment obtains EGP 500m land plot in Badr City
Badr City Authority has allocated 76.5 feddans to the company
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By: Islam Fadl

Cairo – Mubasher: Cairo For Investment and Real Estate Development said that it has paid 10% of the total value of the land obtained from Badr City Authority.

Badr City Authority has allocated 76.5 feddans at about EGP 1,490 for square metre to the company, according to a statement to the Egyptian Exchange (EGX) on Thursday. 

The Egyptian firm has paid EGP 47 million as an advance payment to the state-run body to date, the company’s managing director Mohamed El Kalla told Mubasher.

The total value of the land ranges between EGP 470-500 million, El Kalla added.

About 25% of the total value of the land, after deducting the already-paid amount, will be paid within two months starting from the date of obtaining the official approval to obtain the land plot which is located near Badr University, he noted, adding that the remaining amount will be paid on instalments over ten years.

It is noteworthy that from September 2018 to last May, the EGX-listed firm reported a net profit of EGP 231.56 million, compared to EGP 165.39 million in the prior-year period.