Palm Hills, Madinet Nasr to develop land plot near Cairo Capital
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CAIRO: Palm Hills Developments (PHD) and Madinet Nasr Housing (MNHD) signed a memorandum of understanding (MOU) to develop a real estate project over a 433,643 square meter (sqm) land plot owned by MNHD, according to a joint statement to the Egyptian Exchange.

The project will be implemented over part of Madinet Nasr Housing’s (MNHD) KM45 project, which has a total area of 5.5 million sqm and will be close to the new Cairo Capital project launched at the Egypt Economic Development Conference earlier this month.

“The project will be implemented over four phases and it is estimated to generate (4.6–5.5) billion EGP of revenues over nine to 10 years… First phase units are expected to be delivered in four years after the implementation kicks off,” according to the statement.

Under the agreement, MNHD will contribute the land and bear the main infrastructure networks’ costs, while PHD will bear the construction and marketing costs, in addition to offering a detailed master plan for the project in return for 64 percent revenue share and MNHD will get 36 percent.

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