A total of 1,369 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-third of the total units offered. NUCA is considering extending the deadline for reservation to end of month, in an attempt to increase demand. Phase III was set to collect USD1.3 billion in sales proceeds, with down-payments at USD450 million. The 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, which may have discouraged the investment too. (Al Borsa)