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AMOUN 14-07-10 Al Mussawar p06 (TMG,PHD) FP
•Now about Madinaty land?
oMadinaty Land was allocated in whole and the contract was concluded before I was appointed Minister of Housing, but I believe that the Madinaty Contract is good for the country for several reasons, among which is; after the State allocated Madinaty land to Talaat Mostafa Group, it wanted to reform the financial balance of Arab Contractors so it decided to give 12000 to Arab Contractors to use it in the settlement of their accrued bank debts. I was not the Minister of Housing at that time but was the Minister of Tourism – and the State did not sell – but it was rather necessary that the Ministry of Housing performs an evaluation to his land (the 12000 feddans given to the Arab Contractors). The meter was estimated at approximately 45 Pounds after a year from Madinaty Land’s allocation to TMG, accordingly the meter price at Madinaty is 45 Pounds or less according to the estimation of the Arab Contractors land, and we have no interest from increasing or decreasing the meter price in this estimation, as Arab Contractors gets this land then transfers its ownership to the banks to clear its debts at the banks, therefore, there is no buying or selling.
•Why are you putting the land of Arab Contractors and Madinaty on the same level?
oI am using it as reference but there is no comparison between both.
•Was 45 Pounds per meter a fair price at that time?
oYes of course 500% fair. Don’t forget that the turnover that occurred in real estate prices was in 2006 after 2 years from the current ministerial formation when people started feeling that the growth is real and that there is a progression in the economy, so eye were starting to be on Egypt and the Stock Exchange started rising. The weird thing is that some people started to attack us for the increase in the prices of residential lands, while when the prices of agricultural lands and the stock exchange rose, no one objected. The price of lands starts increasing when the economic growth in the country is promising, consequently all assets start increasing, and no one can compare between the situation before and after 2006.
The guiding prices in Madinaty Land are the same of the Arab Contractors Land, so if one took 45 Pounds for the meter and imposed a 10% accumulative annual increase, we will reach the current price of 65 Pounds for the meter.
•But Hisham Talaat proposed to the Cabinet of Ministers after you became the Housing Minister in 2006/2007 with 65 Pounds for the meter to be paid in cash?
oWe made our calculations and told him “No, we want 165 Pounds in cash for the meter.” So he said no and told us to keep the 7% of Madinaty buildings. This percentage is now equal to 12 to 14 billion Pounds. Accordingly, the State benefited and it would have been a disaster had we sold the meter for 45 Pounds and took a 10% increase on the average rate every year.
•And why did you enter in what does not concern you?
oWhen I am a responsible minister, shall I say this matter does not concern me at all because it occurred before I became a Housing Minister or shall I talk!!?? I talked and said that Madinaty contract is a balanced contract because I am comparing it to what the land price was when the land was allocated.
•The whole problem is the direct commissioning of the land?
oDo not forget that in different development phases, different methods of merchandising are used, i.e. when a merchandiser starts a project in a new area (e.g. a mall) the merchandiser goes to a big company and offers a large area in the mall at a much lesser price then the one he sells at to the others. For example, the Governor of Dubai when he grants a villa worth 5 million Pounds to the British football player Beckham for free…. Does that mean that he is crazy and scattering money? No, he wants to merchandise and promote a project, and the equivalent to this villa is sold for 5 million Pounds after two years.
•Is Hisham Talaat specifically the only one capable to promote and merchandise this land?
oHe was selected based on the fact that two of the hugest projects known in Egypt at this moment are Al Rehab, therefore his precedents qualify him. When we look at the outcome to the State from the sale of the land to TMG, we find that this Group did was not freeze the land but established a huge city. This movement in the area that was not in New Cairo plans is what enables us to sell the meter close to Madinaty at 600 Pounds. The State benefited from Madinaty contract and people got jobs and Housing Units were made, so it is not possible to tell Talaat Mostafa that the price he bought the land at is 10% from the current land price.
•Why not say?
oEven if it is worth 1%...what is my concern? What is that weird thinking people are obsessed with to sell something but keep an eye on it!! The direct commissioning of the land to TMG is the way followed according to the law of the New Urban Communities Authority which is still existing and known as the Private law
That's how long it took to make a copy of the top design. Everything was already planned: it just took that long to nudge the cheesy pieces into place. I'm not sure that my reaasons for making the copy were worth the investment in time. Oh well: what's done is done!
(Isn't there a definition of insanity about doing the same thing over and over and expecting different results?
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