CAIRO: Palm Hills Developments (PHD) and Madinet Nasr Housing and Development (MNHD) signed an agreement to co-develop an integrated residential, according to a Sunday joint statement.
The project will be implemented over a 433,643 square meter (sqm) land plot over part of Madinet Nasr Housing’s (MNHD) KM45 project, which has a total area of 5.5 million sqm.
According to the statement, the project will be implemented over four phases and it is estimated to generate (4.6–5.5) billion EGP of revenues.
“The project is expected to be launched soon, with pre-sales commencing during the fourth quarter of 2015,” according to the statement.
Under the agreement, MNHD will contribute the land and bear the external infrastructure networks’ costs, while PHD will be responsible for construction, development, internal infrastructure and marketing costs, in return for a 64 percent revenue share, while MNHD will get the remaining 36 percent.
The project is located on the Cairo Suez highway; 45 kilometers away from central Cairo and will be close to the new Cairo Capital project launched at the Egypt Economic Development Conference earlier In March, the statement read