Porto Group Holding has obtained a land plot over an area of 77 acres in West Assiut through direct allocation mechanism to build an urban residential project, head of Nasser City Authority, Yasser Abdullah told Mubasher.
The real estate developer has submitted its request to the Ministry of Housing’s New Urban Communities Authority (NUCA) to receive the ministerial approval on the project, Abdullah added.
The land is valued at EGP 765 per square metre, an informed source told Mubasher.
Porto Group Holding has paid EGP 24.74 million as an advance payment out of the total value of EGP 247.4 million.
On Wednesday, Porto Group Holding’s subsidiary, Porto Assiut Tourism Development, signed a contract with NUCA to buy a land in Assiut.
It is noteworthy that during the first half of 2019, the real estate developer’s profit grew to EGP 80 million, compared to EGP 53.06 million in the same period a year earlier, including minority shareholders’ rights.