By: Abdullah Bedeir

Cairo – Mubasher: Emaar Misr for Development has purchased a 68.5-feddan land, representing 50% of its 137-feddan land in Sheikh Zayed Extension, head of Sheikh Zayed Development Authority Mostafa Fahmy told Mubasher.

The land plot was previously waived by the real estate developer to the New Urban Communities Authority (NUCA) in exchange for changing the use of the land from agricultural to residential purpose, Fahmy added.

Earlier, Emaar Misr submitted a request to NUCA to change the use of the land in exchange for a 50% of the land to be obtained by NUCA.

The company has obtained a 500-feddan land plot in Sheikh Zayed Extension through direct land allocation to establish a comprehensive urban project, Fahmy revealed, noting that the company paid 10% of the value of the land in advance. 

It is noteworthy that during the first nine months of 2019, the real estate developer logged a consolidated net profit of EGP 628.99 million, down from EGP 1.76 billion in the prior-year period, including minority shareholders’ rights.