A total of 1,209 bids were received for land plots offered under phase III of Bait Al-Wattan, out of a total of 4,789 plots offered across eight cities, representing roughly one-quarter of that offered. 847 were received for plots in New Cairo, out of the total offered of 3,303, 147 in Sixth of October (total offered: 492 plots), and 181 plots in Badr (total offered: 518 plots). Phase III was set to collect USD1.3 billion in sales proceeds, with down-payments at USD450 million. Low demand on phase III came as a surprise, given the strong demand seen on phases I and II. An official from the Housing Ministry was quoted as saying that this could be attributed to the lower oil environment in the GCC, weighing down on income levels of Egyptians there, and thus pressuring demand. Another reason could be the delay in the process of enabling infrastructure and the delivery of phases II and III. (Al Borsa)