Who is the developer of VYE compound?

The company that owns VYE New Zayed is Sodic

Duplex for sale in New Zayed VYE

Reference: NS 92732

EGP 10,416,000

MLS Realty
+201200070979

Email Agent

+2 012 00 231 000

EGP 10,416,000

Duplex for sale in New Zayed VYE

Reference:

NS 92732

Price:

EGP 10,416,000 Installment

Price / Sqm:

EGP 34,953 Per Sqm

Finishing Status:

Semi Finished

Area:

298 sqm

Delivery In:

2026

Listed:

Thu 30 Mar 2023

About VYE New Zayed

Duplexes for Sale in VYE - New Zayed By Sodic - Delivery Year 2026

Possible article:

VYE New Zayed Egypt: A Legal Perspective on the Compound Development

VYE New Zayed is a mixed-use development located in the New Zayed City of Egypt, near the 6th of October City and the Sheikh Zayed City. The project, developed by VYE, is spread over 56 acres and consists of residential buildings, commercial spaces, and leisure amenities. The compound aims to offer a modern and sustainable lifestyle for families and professionals in a green and secure environment. As a lawyer, I would like to highlight some of the legal aspects of this ambitious undertaking.

Firstly, VYE New Zayed is a joint venture between the Egyptian developer Al Ahly Sabbour and the Saudi real estate company Emaar Middle East. The project is licensed by the New Urban Communities Authority (NUCA), which is responsible for regulating and supervising the planning and construction of new cities and communities in Egypt. The NUCA issues land licenses, development permits, and approvals for master plans and designs. Therefore, any legal issues related to the ownership, use, or development of the land in VYE New Zayed should comply with the NUCA regulations and guidelines.

Secondly, the residential units in VYE New Zayed are marketed as freehold properties, which means that the buyers acquire full ownership and possession of the units and the land they occupy. This is different from the common leasehold system, where the buyers have a limited term of ownership and pay rent to the landowner or the government. Freehold ownership provides more security, flexibility, and value for the buyers, as they can sell, rent, or transfer their properties without many legal restrictions or fees. However, freehold ownership also entails more responsibilities and obligations, such as paying utilities, maintaining the property, and complying with the bylaws and rules of the community.

Thirdly, the commercial spaces in VYE New Zayed are subject to business regulations and taxation, as well as lease agreements and contracts. The tenants of the commercial spaces should obtain the necessary licenses and permits to operate their businesses, and comply with the laws and regulations related to their sector and activity. The landlords of the commercial spaces should also ensure that the leases and contracts are valid, binding, and enforceable, and that the tenants fulfill their obligations, such as paying rent, maintaining the premises, and adhering to the building codes and safety standards.

Lastly, the leisure amenities in VYE New Zayed, such as the clubhouse, the sports fields, and the parks, should comply with the regulations and guidelines of the relevant authorities, such as the Ministry of Sports and Youth, and the Ministry of Environment. The developers and operators of these amenities should obtain the necessary permits and approvals, and ensure that the users and visitors are safe, healthy, and satisfied with the services and facilities. Any legal disputes or liabilities related to the leisure amenities should be addressed promptly and fairly, to avoid any harm to the reputation and integrity of the compound.

In conclusion, VYE New Zayed Egypt is an exciting and complex development that combines residential, commercial, and leisure components. As a lawyer, I appreciate the legal challenges and opportunities that this project presents, and I hope that all parties involved will work together to create a sustainable, transparent, and successful community.

MLS Realty
+201200070979