Over 23k terms of reference sold for Sakan Misr: Minister

CAIRO - 20 August 2017: More than 23,000 terms of reference of residential units under the Ministry of Housing’s Sakan Misr project were purchased in three days, Minister of Housing Mostafa Madbouly said on Sunday.

Madbouly asked applicants of the project not to rush to the banks to purchase the terms of reference, explaining that there is no difference in getting the terms now or at the end of the launching period, which ends October 5.

The new unsubsidized houses are in six cities, namely New Cairo, 6th of October City, Obour City, Badr City, New Damietta City and New Minya.

Offering 40,000 residential units, the new project is part of the ministry’s special housing portfolio, which contains units ranging in area from 100 to 110 square meters. The project will be surrounded by greenery and will include commercial services and private gardens for ground floor units.

Potential home buyers are requested to make a ten percent down payment of the total cost of the unit, and the remaining amount could be paid in one of several payment methods. The construction of Sakan Misr homes will be completed within two years.
A report submitted by the Housing and Development Bank showed that over 61,000 applicants have paid down payments to book more than 24,000 land plots in 19 cities under the Social Housing Program.

In late July, the ministry offered 12,721 land plots targeted for social housing, 7,373 for special housing and 3,930 for above average.

The land pieces are offered in cities including New Cairo, 6th October City, Sheikh Zayed, El-Shorouk, Obour City, 10th Ramadan City, 15 May City, New Minya, New Borg Al-Arab, New Sohag City, New Tiba City, New Sadat, New Assiut, New Akhmeem, New Fayoum, New Beni Suef, New Damietta, New Qena, and Badr City.