(Adds company statement, deal value)
CAIRO, April 23 Egypt's largest listed real
estate developer Talaat Mostafa has bought a
500-feddan (acre) plot in Egypt's new administrative capital for
4.4 billion Egyptian pounds ($243.77 million), the company said
Egypt's plan to build a new city 45 km (28 miles) east of
Cairo was announced in March 2015 at a Sharm al-Sheikh summit
held to attract foreign investors who had pulled back from the
country after the 2011 revolt against the government.
The new capital project appeared to have stalled after the
primary developer, a United Arab Emirates company, pulled out
and a contract to develop government facilities by a Chinese
state developer also fell through.
"Talaat Mostafa..has contracted for the purchase of a land
plot in the new administrative capital with a total area of 500
feddans (acres), in order to develop and execute an integrated
urban project in the style of its other projects over a period
of seven years," a company statement on the Cairo bourse said.
About 15 Egyptian companies, including Talaat Mostafa,
submitted bids in March to develop land for the capital's first
phase of construction, but no official announcement has yet been
made for the winning bids.
Sources at the housing ministry told Reuters that Talaat
Mostafa had received the land about two weeks ago after it
reached an agreement with the administrative capital company.
($1 = 18.0500 Egyptian pounds)
(Reporting by Ehab Farouk and Eric Knecht; editing by Susan